Aehr Test Systems (NASDAQ:AEHR) shares plunged over 18% in the early session today after the semiconductor test and burn-in equipment supplier delivered robust second-quarter results but lowered its financial outlook. During the quarter, revenue jumped by 45% year-over-year to $21.43 million. Further, EPS of $0.23 outpaced expectations by $0.04. The company had bookings worth $2.2 million and a backlog of $3 million at the end of the quarter.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
While demand for Aehr’s wafer-level test and burn-in products remained robust in Q2, the company has experienced an impact on the timing of current and new orders over the last sixty days. It now expects the delay in orders to impact its revenue for this year.
Consequently, Aehr has lowered its revenue expectations for Fiscal Year 2024 to a range of $75 million to $85 million, down from the prior estimate of $100 million. Still, the company remains optimistic about growth over the coming years and is working towards boosting its infrastructure to address future capacity needs.
What is the Price Target for Aehr Stock?
Today’s value erosion further adds to the nearly 15% decline in Aehr stock over the past month. While analyst coverage on Aehr remains scant at present, the stock is currently trading at a frothy price-to-earnings multiple of 34.8.
Read full Disclosure