SAN FRANCISCO--Probe card maker FormFactor Inc. reported strong gains in second quarter sales that exceeded analysts' expectations Tuesday (July 27), but the company notched another loss in the wake of management changes and layoffs.
FormFactor (Livermore, Calif.) revenue of $57.6 million for the quarter ended June 26, up 45 percent from the previous quarter and up nearly 85 percent compared to the year-ago quarter.
But the company recorded a net loss for the period of $33.9 million, or 68 cents per diluted share, narrowed from net losses of $38.2 million and $65.8 million in the previous and year-ago quarters, respectively.
On a pro form basis, excluding charges, FormFactor said its net loss for the second quarter was $27.5 million, or 55 cents per diluted share, compared to a pro form net loss of $29.4 million in the previous quarter and a loss of $16.3 million in the year-ago quarter.
Consensus analyst expectations called for FormFactor to report a second quarter pro form net loss of 61 cents per share on sales of $54 million, according to Yahoo Finance.
In recent times FormFactor has been dogged by executive shake ups and layoffs. The company replaced its CEO and chief financial officer in May after its existing officers stepped down. The company announced last month it would cut about 8 percent of its workforce, the fifth time in a little more than two years that t FormFactor announced a significant layoff.
"The increased demand for semiconductors has contributed to sequential quarterly revenue growth for our company," said FormFactor CEO Carl Everett, in a statement released Tuesday. "We remain focused on improving our operating efficiency and returning to profitability. To do this, we continue to make adjustments to our company and products that will best serve our customers' needs."