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Investing.com -- Kulicke & Soffa Industries, Inc. (NASDAQ:KLIC) reported disappointing second-quarter results and provided weak guidance, sending its stock down 7.9% in after-hours trading.
The semiconductor equipment maker posted adjusted earnings per share (EPS) of -$0.52, significantly missing analyst estimates of $0.30. Revenue came in at $162 million, falling short of the $165.25 million consensus and declining 5.9% YoY.
For the third quarter, Kulicke & Soffa forecasts revenue of $145 million ± $10 million, well below the $187 million analyst consensus. The company expects adjusted EPS of $0.05 ± 10%, compared to the $0.35 consensus estimate.
CEO Fusen Chen cited "more cautious order activity unique to certain Southeast Asia markets" as impacting near-term results. However, he noted, "We continue to support our global customer base, see positive core-market utilization data and remain well prepared to accelerate growth through Vertical Wire, Power-Semiconductor, Advanced Dispense and Thermo-Compression technology transitions."
The company’s board recently approved a plan to cease its Electronics Assembly equipment business, resulting in pre-tax charges of approximately $86.6 million in Q2.
Despite the weak results, Kulicke & Soffa generated $79.9 million in operating cash flow and repurchased 0.5 million shares for $21.3 million during the quarter. The company ended the period with $581.5 million in cash and short-term investments.
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