Coherent (NYSE:COHR) surpassed Wall Street’s expectations for its fiscal fourth quarter on Wednesday, yet its stock fell more than 17% in premarket trading in the U.S. following a mixed outlook for the current quarter.
The laser and optical components manufacturer, which provides materials for automotive chip production, reported earnings of $1.00 per share for the quarter ending in June, above the analysts’ forecast of $0.92. Revenue came in at $1.53 billion, slightly ahead of the anticipated $1.51 billion.
“[A]t a time when artificial intelligence names are firing on all cylinders, a more significant beat is likely what investors were expecting,” Barclays analysts said in a note.
For the first quarter of its new fiscal year, Coherent projected earnings between $0.93 and $1.13 per share, with revenue ranging from $1.46 billion to $1.60 billion. Analysts had been expecting $1.03 per share on $1.55 billion in revenue.
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