Update: Photronics Shares Fall Following Fiscal Q2 Miss, Weak Fiscal Q3 Guidance
(Updates with the latest stock movement in the headline and the first paragraph, and clarifies fiscal Q3 non-GAAP EPS guidance in the fourth paragraph.)Photronics (PLAB) shares fell more than 34% in Thursday trading after the company delivered lower-than-expected fiscal Q2 results and issued a fiscal Q3 outlook below estimates.The semiconductor manufacturer reported fiscal Q2 non-GAAP net income of $0.42 per diluted share, up from $0.40 a year earlier. Three analysts polled by FactSet expected $0.53.Revenue for the quarter ended May 3 was $209.9 million, down from $211 million a year earlier. Three analysts polled by FactSet expected $216.5 million.The company said it expects fiscal Q3 non-GAAP earnings to be between $0.39 and $0.45 per diluted share. Three analysts polled by FactSet expect $0.54.Photronics also said it expects revenue for the quarter of $207 million to $215 million. Three analysts polled by FactSet expect $218.9 million.Price: $35.25, Change: $-18.26, Percent Change: -34.12%