Amphenol posted fourth-quarter earnings and sales that topped consensus views and issued a solid outlook for the current quarter. Shares sank anyway.

Before the opening bell Wednesday, Amphenol reported adjusted earnings of 97 cents a share from sales of $6.4 billion, outstripping Wall Street’s forecasts. Analysts tracked by FactSet expecting adjusted earnings of 93 cents a share from sales of $6.2 billion.

The outlook for the first quarter of 2026 also was solid. Amphenol guided for adjusted earnings in the range of 91 cents to 93 cents a share. Analysts were looking for 89 cents. The company also said it expects sales between $6.9 billion and $7 billion, far exceeding analysts’ calls for $6.5 billion at the midpoint of the range.

However, shares slumped 13% following the report. Futures tracking the tech-heavy Nasdaq Composite were up 0.8%.

Shares had run up heading into the print, surging 23% this year and nearly 140% over the past 12 months. So far in 2026, the Nasdaq has gained just 3.4%. Amphenol closed up 6.9% on Wednesday after J.P. Morgan raised its price target on the shares ahead of earnings.

Amphenol manufactures cables, sensors, and other hardware used in data centers. The artificial-intelligence boom has largely been a boon to the stock, though shares tumbled when concerns over Chinese competition in the AI market took hold early last year.

Barron’s selected Amphenol as a stock pick nearly a year ago, saying a pullback in shares had created a buying opportunity. Since an article recommending the stock was published on Jan. 30, shares have more than doubled.