Amkor Shares Plunge After Q4 Profit Declines, Guides Q1 Below View

RTT News Tuesday 15th February, 2011

News ) reported Wednesday a year-over-year decline in profit for the fourth quarter, despite sales growth, hurt by a significant drop in gross margins amid lower business volumes and unfavorable foreign currency rates.Adjusted earnings per share for the quarter came in line with analysts' expectations. The company's stock dropped more than 12 percent after it provided earnings and revenue forecast for the first quarter, below Street view."During the fourth quarter we saw solid growth in communications, a seasonal decline in gaming and inventory adjustments by some of our customers in the consumer electronics and networking areas, The lower business volumes in the quarter, along with unfavorable foreign currency exchange rate movements, reduced our gross margin from the prior quarter," Pres...

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