FormFactor's stock soared 7.90% during intraday trading on Tuesday, significantly outperforming the broader market.
The sharp rise appears to be driven by the company's strong first-quarter fiscal 2026 earnings results, which were released on April 29. FormFactor reported net income more than doubled to $20.4 million as revenue rose 32% to $226.1 million. Adjusted earnings per share surged 138.30% year-over-year, demonstrating significant earnings leverage and a robust recovery from previous sector-wide weakness.
The rally was also supported by broad-based strength across the semiconductor equipment sector, with peers like Lam Research and Applied Materials also posting gains. The company's Probe Cards segment, a key revenue driver, saw revenue jump 45.2% due to stronger demand in Foundry & Logic and DRAM markets.