Aehr Test Systems (NASDAQ: AEHR) stock soared 23.9% on Friday, following the semiconductor test and reliability qualification equipment supplier's release on the prior afternoon of a strong report for its first-quarter of fiscal 2023, which ended Aug. 31, 2022.

The market's delight can be attributed to the quarter's revenue easily beating Wall Street's expectation and earnings crushing the analyst consensus estimate. Investors were also surely pleased that management reiterated its full-year guidance and had positive things to say about the company's long-term outlook.

Aehr's robust growth is primarily being driven by increased demand for silicon carbide semiconductors for electric vehicles (EVs), though the company is also seeing an increase in demand for its equipment from the data communications supply chain.  

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Source Fool.com