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What: Shares of Ultratech dropped today by as much as 13% after the company reported earnings that fell short of expectations.
So what: Revenue in the second quarter came in at $42.9 million, which resulted in $0.03 per share in net profit. Both top and bottom line figures were shy of the Street's forecasts, which called for $44.9 million in revenue and $0.04 per share in profit.
Now what: Ultratech's figures also looked bad relative to a year ago, when it put up $59.1 million in revenue and $0.41 per share in earnings. Gross margin also declined from 54% a year ago to 47% this quarter. Despite the weakening results, CEO Arthur W. Zafiropoulo expressed confidence in Ultratech's long-term prospects.
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The article Why Ultratech Shares Dropped originally appeared on Fool.com.Fool contributor Evan Niu, CFA, has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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