- Though Amkor (NASDAQ:AMKR) beat Q1 estimates, it's guiding for Q2 revenue of $725M-$775M and EPS of $0.05-$0.15, below a consensus of $815.3M and $0.18.
- The chip packaging/testing firm states "inventory adjustments and other issues at a major customer" are mostly responsible. It expects demand to pick up in 2H15 thanks to "the launch of flagship mobile devices with high Amkor content" - that could be a reference to the iPhone 6S. The full-year capex budget is unchanged at $600M.
- Q1 gross margin (non-GAAP) was 18.2%, down from Q4's 22.9% and Q1 2014's 18.5%, but within a 16%-19% guidance range. Q2 GM guidance is also at 16%-19%. Amkor ended Q1 with $494M in cash and $1.5B in debt.
- Shares have fallen to $7.70 AH. They dropped 7% in the last two trading days before earnings.
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Q1 results, PR