K&S Reports Fiscal Q1 Net Revenue Down 8%
SINGAPORE – Kulicke and Soffa reported fiscal first quarter net revenue of $144.3 million, down 8.2% year-over-year and up 3.2% sequentially.
Net income for the quarter ended Dec. 28 was $13.5 million, an increase of 80% compared to the fiscal first quarter of 2019 and up 110.9% sequentially.
“Although the December quarter is historically seasonally soft, demand for our advanced packaging, memory and automotive-focused solutions improved and provided for a sequential increase in net revenue,” said Fusen Chen, Ph.D., president and CEO, K&S. “We continue to anticipate more aggressive capital spending in all of the markets we serve through fiscal year 2020.”
Cash, cash equivalents, and short-term investments, net of bank overdraft were $540.4 million as of Dec. 28.
The company currently expects net revenue in the fiscal second quarter to be approximately $140 million to $170 million.
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