Cymer Q2 EPS Beats Estimates; Q3 View Light; Stk Falls

Cymer (CYMI) posted strong Q2 results, but its shares are lower in late trading on a disappointing Q3 outlook. For Q2, the provider of lasers used in semiconductor manufacturing posted revenue of $123.99 million and profits of 46 cents a share; the Street had expected $123.4 million and 39 cents. However, for the third quarter, Cymer said revenue would be down 8%-10% sequentially, which implies revenue of $111.6 million to $114.1 million, below the Street consensus of $118.5 million. CEO Bob Akins said in a statement that “lower chip prices have results in an overall slowdown in semiconductor capital spending, affecting every segment of the equipment industry…accordingly, we expect third quartet light source demand to be lower in keeping with chipmakers revised capital investment decisions.” After hours, CYMI is down 64... [read full story]