Kulicke & Soffa’s stock rallies after revenue outlook raised

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Shares of Kulicke & Soffa Industries Inc. rose 1.6% in premarket trading Tuesday, after the Singapore-based chip device maker provided upbeat revenue guidance for its fiscal fourth quarter. The company said it now expects revenue of $177 million, compared with previous guidance of $165 million plus-or-minus $10 million, and above the FactSet consensus of $166 million. “We are pleased with our fiscal fourth quarter performance and current demand stemming from 5G and advanced display, which benefits our core and our new growth businesses,” said Chief Executive Fusen Chen. “Broad market conditions remain dynamic and we remain cautiously optimistic as we look ahead into fiscal year 2021.” The stock has lost 7.4% year to date through Monday, while the PHLX Semiconductor Index has soared 31.6% and the S&P 500 has gained 9.4%.
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