Although figures came in line with company expectations, revenues dropped by close to US$15 million and net loss figures accelerated.
Veeco (NASDAQ:VECO), a clean technology and semiconductor manufacturing company saw its revenues decline for the quarter, reaching US$109 million compared to US$126.8 million in the third quarter of 2018. Despite dampened revenues, demand from data storage clients remains steady as capacity and technology requirements remain strong, the company stated.
As quoted in the press release:
Third Quarter 2019 Highlights:
Revenues of $109.0 million, compared with $126.8 million in the same period last year
GAAP net loss of $11.8 million, or $0.25 loss per diluted share
Non-GAAP net income of $2.6 million, or $0.05 per diluted share
“Veeco executed well in Q3 with revenue and EPS above the midpoint of our guided range. Our gross margin exceeded our guidance and the company returned to profitability on a non-GAAP basis,” commented William J. Miller, Ph.D., Chief Executive Officer. “We continue to experience demand for our EUV mask blank products and have shipped our second production system. This shipment, combined with revenue from multiple LSA systems, drove strong Front End Semiconductor sales. Additionally, shipments to our data storage customers remained solid as they continued to invest in technology and capacity.”