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FormFactor stock rallies as coronavirus does little to hamper sales

MarketWatch logo MarketWatch 7/1/2020 Wallace Witkowski
MARKET PULSE

FormFactor Inc. (form) shares rose in the extended session Wednesday after the chip-maker testing and equipment company said that the COVID-19 pandemic did not hurt sales as expected. FormFactor shares rallied 9% after hours, following a less-than-0.1% decline to close the regular session at $29.32. FormFactor said it expects second-quarter revenue of between $157 million and $161 million. Analysts surveyed by FactSet expect quarterly revenue of $145.1 million, or a 9.8% sequential decrease. "Our original May 6th estimate that revenue in the second quarter would be approximately 10% lower than in our first quarter contemplated some level of Covid-19 disruption in our manufacturing operations and our suppliers' logistics chains," said Mike Slessor, chief executive of FormFactor, in a statement. "We experienced no major disruptions in either, and as a result, we expect to report revenue higher than what we had originally anticipated." The company is scheduled to report earnings on July 29.

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