Why Coherent Stock Fell 24% This Week
Shares of Coherent (NYSE: COHR) plunged 23.7% this week, according to data provided by S&P Global Market Intelligence, after the semiconductor and optical materials manufacturer announced solid quarterly results, but followed with discouraging forward guidance.
To be sure, Coherent fell as much as 34% early Wednesday following its fiscal fourth-quarter 2023 report, which saw revenue climb 35.9% year over year to $1.205 billion (above the high end of guidance). That translates to adjusted (non-GAAP) earnings of $94.9 million, or $0.41 per share (also near the high end of guidance). Analysts, on average, were modeling earnings of only $0.38 per share on revenue of $1.15 billion.
Coherent management noted that the company achieved a strong end to its fiscal year despite "continuing post-pandemic inventory digestion and macroeconomic weakness." Geopolitical strife between the U.S. and China appears to be further compounding these issues.
Source Fool.com
