Amkor Q3 Profit Nearly Doubles

(RTTNews) - Arizona-based semiconductor maker Amkor Technology, Inc. (AMKR), reported a positive performance in the third-quarter results primarily on higher demand and a shortage of supply of chipsets across the globe. Amkor reported a net income of $180.84 million or $0.74 earnings per share compared to $92.15 million or $0.38 earnings per share in the same quarter last year. The company also reported revenue of $1.68 billion, up 20% from 1.34 billion last year. Amkor's executive vice president and chief financial officer, Megan Faust said, "High utilization and excellent factory execution drove record profitability in the third quarter." The company has also posted positive guidance for the next quarter. The revenue is expected to grow 20% year-over-year to the range of $1.59 billion to $1.69 billion. The company also sees a net income in the range of $140 million or $0.55 per share to $190 million or $0.75 per share in the coming quarter. Giel Rutten, Amkor's president, and CEO said, "We expect our momentum to continue in the fourth quarter, with 20% year-on-year revenue growth for both the quarter and the full year. We remain confident in our strong market position within the fastest-growing semiconductor markets of 5G, Automotive, High-Performance Computing, and IoT."