Why Shares of Photronics Tumbled Today

Shares of photomask manufacturer Photronics (NASDAQ: PLAB) slumped on Tuesday following the company's third-quarter results and news that the CFO was retiring. Photronics missed analyst estimates for both revenue and earnings, reporting a steeper-than-expected revenue decline; this comes three months after a weak second-quarter report. The stock was down about 20% at 3:30 p.m. EDT.

Photronics reported third-quarter revenue of $111.6 million, down 9% year over year and $3.5 million below the average analyst estimate. Sales of integrated-circuit (IC) photomasks slumped 7% to $85.1 million, while sales of flat-panel-display (FPD) photomasks dropped 16% to $26.5 million.

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Source: Fool.com