Photronics Inc. (PLAB) experienced a 24-hour plunge of 5.64% during Thursday's trading session, following the release of its second-quarter fiscal 2026 financial results that fell short of Wall Street expectations.

The photomask technology manufacturer reported adjusted earnings per share of $0.42, missing the analyst consensus estimate of $0.54. Revenue of $209.94 million also fell short of the $216.66 million expectation, marking a slight year-over-year decline. The company's integrated circuit (IC) revenue dropped 5% from the prior year and 11% sequentially.

Investors reacted negatively to Photronics' third-quarter guidance, which projected revenue between $207 million and $215 million and adjusted EPS between $0.39 and $0.45, both below analyst expectations. Chairman and CEO George Macricostas cited several near-term headwinds including delayed design releases due to elevated fab utilization rates, memory supply constraints and related cost pressures for original equipment manufacturers, and geopolitical uncertainty.