Amkor Technology missed with its third-quarter guidance, disappointing Wall Street so much that the stock took a 23% pounding.

Shares of the semiconductor packager fell to $46.76. If the stock stays doesn't claw back at least some of its losses, it will log its worst daily percentage decline since March 18, 2020, according to Dow Jones Market Data.

The stock is also on track to close lower a fourth straight day. Shares are down 47% this month, but are still up 15% on the year.

Besides less-than-stellar financials, Amkor was being dragged down by the stock market's broader chip selloff.

On the surface, Amkor's second-quarter earnings weren't bad.

Late Monday, the company posted earnings of 70 cents a share, amhigh jump above 22 cents a year ago and Wall Street's expectation of 48 cents. Net sales grew 25% to $1.9 billion, beating the analyst consensus of $1.8 billion, according to FactSet.

Amkor's third-quarter sales guidance was the problem.

The company forecasts per-share earnings of 72 cents to 82 cents on net sales of $2 billion to $2.1 billion. Analysts forecast 63 cents on $2.1 billion, according to FactSet.

On Tuesday, B. Riley analyst Craig Ellis called the guidance mixed with lower sales offset by higher margins and earnings. He kept his Neutral rating, but lowered his price target to $65 from $75.

Ellis added that near-term volatility from communications weakness, program timing, and AI sentiment pressure remain risks.

Notably, Amkor's losing streak started the same day that the company and Nvidia announced a $1.5 billion strategic partnership with to expand advanced semiconductor packaging and test technologies for next-generation AI infrastructure.

Even the Nvidia-partnership boost couldn't to lift Amkor shares and it looks like the reaction to earnings is insult to injury.