Aehr Stock Plunges 22% on Weak Preliminary Fiscal Q3 Results and Annual Guidance Cut
Aehr Test Systems (NASDAQ: AEHR) stock plunged 22.4% on Monday, following the semiconductor test and reliability qualification equipment supplier's release of its preliminary results for the third quarter of fiscal 2024 (ended Feb. 29) and its updated guidance for fiscal year 2024.
The stock sell-off was due to the preliminary fiscal Q3 results coming in considerably weaker than Wall Street had expected, and management lowering its full-year guidance for revenue and net income based on generally accepted accounting principles (GAAP). Moreover, management had just cut the annual outlook in January, which probably added to investors' ire.
Investors will learn more when Aehr releases its full quarterly results and holds its earnings call on Tuesday, April 9.
Source Fool.com
