Semiconductor Foundry UMC Reports Q2 Earnings Beat, Strong Q3 Demand Expected in Communication and Computing
Portfolio Pulse from Anusuya Lahiri
United Microelectronics Corp (NYSE:UMC) reported Q2 revenue growth of 0.9% YoY to $1.750 billion, missing the analyst estimate of $1.762 billion. EPS of $0.17 beat the estimate of $0.15. UMC expects strong Q3 demand in communication and computing segments, with mid-single digit % increase in wafer shipments and flat ASP in USD. Shares rose 8.34% to $8.05.
July 31, 2024 | 4:01 pm
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UMC reported Q2 revenue growth of 0.9% YoY to $1.750 billion, missing the analyst estimate of $1.762 billion. EPS of $0.17 beat the estimate of $0.15. UMC expects strong Q3 demand in communication and computing segments, with mid-single digit % increase in wafer shipments and flat ASP in USD. Shares rose 8.34% to $8.05.
UMC's Q2 earnings beat on EPS and the positive outlook for Q3 in communication and computing segments are likely to drive short-term stock price appreciation. The 8.34% rise in share price reflects investor optimism.
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