Photronics (PLAB) reported fiscal Q2 non-GAAP net income Thursday of $0.42 per diluted share, up from $0.40 a year earlier.

Three analysts polled by FactSet expected $0.53.

Revenue for the quarter ended May 3 was $209.9 million, down from $211 million a year earlier.

The analysts expected revenue of $216.5 million.

The company said it expects fiscal Q3 non-GAAP earnings of $0.39 and $0.45 per diluted share.

Three analysts polled by FactSet expect $0.54.

Photronics also said it expects revenue for the quarter of $207 million to $215 million.

Three analysts expect revenue of $218.9 million.

The company's shares were down more than 27% in Thursday premarket activity.