ASE Technology Holding Co. (NYSE: ASX) saw its stock price plummet 5.03% in pre-market trading on Thursday after the company reported disappointing second-quarter earnings that fell short of analyst expectations.
The Taiwan-based semiconductor packaging and testing services provider announced quarterly adjusted earnings of $0.11 per share, missing the consensus estimate of $0.14 by 22.14%. This figure remained unchanged from the same period last year. The company's quarterly sales came in at $4.89 billion, slightly below the analyst consensus estimate of $5.00 billion by 2.20%. However, this still represents a 12.39% increase compared to sales of $4.35 billion in the same quarter last year.
The earnings miss marks the fourth consecutive quarter that ASE Technology has failed to meet analyst expectations, which likely contributed to the negative market reaction. Despite the revenue growth, investors appear concerned about the company's ability to improve profitability in the face of ongoing challenges in the semiconductor industry. The stock's sharp decline reflects market disappointment and may indicate worries about ASE Technology's near-term outlook in a competitive and volatile sector.
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