Why Shares of Veeco Instruments Tumbled Today

Shares of semiconductor equipment provider Veeco Instruments (NASDAQ: VECO) slumped on Friday despite a positive second-quarter report. The company beat analyst estimates across the board, and it guided for continued revenue growth during the third quarter. Nevertheless, the stock had dropped about 20% by 1 p.m. EDT.

Veeco reported second-quarter revenue of $115.1 million, up 52.9% year over year and $14 million above the average analyst estimate. This revenue included one month of revenue from Ultratech, which the company acquired this year. Excluding this extra revenue, Veeco stated that its results were in line with its guidance. While Veeco's revenue grew compared to the same period last year, it's down compared to the same period two years ago.

Image source: Veeco Instruments.

Source: Fool.com