ACM Research Inc. (ACMR) saw its stock plummet 5.87% in pre-market trading on Wednesday following the release of its second-quarter earnings report. The semiconductor equipment manufacturer's results fell short of analyst expectations, despite showing year-over-year growth.

The company reported Q2 revenue of $215.37 million, representing a 6.4% increase from the same period last year. However, this figure missed the consensus estimate of $223.4 million projected by analysts. Despite the revenue shortfall, ACM Research posted a non-GAAP earnings per share of $0.54, slightly beating the expected $0.50 per share.

Adding to investor concerns, ACM Research maintained its fiscal 2025 revenue guidance range of $850 million to $950 million, which some market participants may view as conservative given the current industry dynamics. The company cited ongoing supply chain constraints and considerations of trade policies and customer spending patterns in its outlook. While ACM Research highlighted its continued growth in China and global markets, including planned tool deliveries to the U.S. in Q3, the unchanged guidance seems to have dampened investor enthusiasm. The market's reaction suggests that investors were hoping for more aggressive growth projections in light of the expanding semiconductor industry.