FormFactor (FORM) Q4 Earnings: What To Expect

What Happened?

A number of stocks fell in the afternoon session after Intel reported disappointing earnings report and weak forecast for the current quarter. 

Shares of the chipmaker plunged about 12% after it posted a fourth-quarter loss and provided a softer-than-expected outlook. The company's first-quarter revenue projections of $11.7 billion to $12.7 billion fell short of analyst consensus. More concerning for the broader sector, Intel executives flagged industry-wide supply shortages as a significant problem that could persist into 2026, with supply capabilities expected to be at their lowest point in the first quarter. When a market leader like Intel signals such widespread issues, it often creates a ripple effect, raising investor concerns about the health and near-term prospects of the entire semiconductor industry.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Semiconductor Manufacturing company Marvell Technology fell 3.4%. Is now the time to buy Marvell Technology? Access our full analysis report here, it’s free.
• Memory Semiconductors company Western Digital fell 2.9%. Is now the time to buy Western Digital? Access our full analysis report here, it’s free.
• Semiconductor Manufacturing company Photronics fell 4%. Is now the time to buy Photronics? Access our full analysis report here, it’s free.
• Semiconductor Manufacturing company FormFactor fell 9%. Is now the time to buy FormFactor? Access our full analysis report here, it’s free.
• Semiconductor Manufacturing company Amkor fell 6.2%. Is now the time to buy Amkor? Access our full analysis report here, it’s free.

Zooming In On FormFactor (FORM)

FormFactor’s shares are extremely volatile and have had 35 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 8 days ago when the stock gained 5.3% on the news that a broad rally swept through the semiconductor sector, driven by strong results from an industry leader and growing analyst optimism about AI-related demand. 

The rally in semiconductor stocks was sparked after industry bellwether Taiwan Semiconductor reported a record quarter and provided strong forward guidance, lifting sentiment across the entire chip sector. Analysts also grew more optimistic about the industry's cycle, pointing to stronger spending on chip-making equipment and rising demand related to Artificial Intelligence. This positive outlook was echoed by Stifel, which raised its price target for FormFactor to $65 from $42 on the previous day. The firm identified the company as a key beneficiary of growth in AI, particularly in testing essential components like High-Bandwidth Memory (HBM) wafers.

FormFactor is up 23.9% since the beginning of the year, but at $73.32 per share, it is still trading 12.2% below its 52-week high of $83.46 from January 2026. Investors who bought $1,000 worth of FormFactor’s shares 5 years ago would now be looking at an investment worth $1,511.

As the craze of earnings season draws to a close, here’s a look back at some of the most exciting (and some less so) results from Q3. Today, we are looking at semiconductor manufacturing stocks, starting with Marvell Technology .

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers, and data storage. The need for technologies like artificial intelligence, 5G networks, and smart cars is also creating the next wave of growth for the industry. Keeping up with this dynamism requires new tools that can design, fabricate, and test chips at ever smaller sizes and more complex architectures, creating a dire need for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a very strong Q3. As a group, revenues beat analysts’ consensus estimates by 3.3% while next quarter’s revenue guidance was in line.

Luckily, semiconductor manufacturing stocks have performed well with share prices up 34.7% on average since the latest earnings results.

Marvell Technology

Moving away from a low margin storage device management chips in one of the biggest semiconductor business model pivots of the past decade, Marvell Technology is a fabless designer of special purpose data processing and networking chips used by data centers, communications carriers, enterprises, and autos.

Marvell Technology reported revenues of $2.07 billion, up 36.8% year on year. This print was in line with analysts’ expectations, and overall, it was a satisfactory quarter for the company with a beat of analysts’ EPS estimates.

“Marvell delivered record third-quarter revenue of $2.075 billion, exceeding the midpoint of guidance, driven by strong demand for our data center products. We are guiding for robust growth in the fourth quarter and are on track for a strong finish to the fiscal year, with full-year revenue growth forecasted to exceed 40%. Looking ahead, we see demand for our products continuing to accelerate, and as a result, our data center revenue growth forecast for next year is now higher than prior expectations,” said Matt Murphy, Marvell’s Chairman and CEO.

Marvell Technology scored the fastest revenue growth of the whole group. Even though it had a relatively good quarter, the market seems discontent with the results. The stock is down 58.1% since reporting and currently trades at $80.88.

Best Q3: Teradyne

Sporting most major chip manufacturers as its customers, Teradyne is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $769.2 million, up 4.3% year on year, outperforming analysts’ expectations by 3.3%. The business had a stunning quarter with an impressive beat of analysts’ adjusted operating income estimates and revenue guidance for next quarter exceeding analysts’ expectations.

The market seems happy with the results as the stock is up 58.1% since reporting. It currently trades at $228.32.

Weakest Q3: Entegris

With fabs representing the company’s largest customer type, Entegris supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $807.1 million, flat year on year, exceeding analysts’ expectations by 0.6%. Still, it was a slower quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly and EPS in line with analysts’ estimates.

Interestingly, the stock is up 20.3% since the results and currently trades at $113.69.

Read our full analysis of Entegris’s results here.

FormFactor

With customers across the foundry and fabless markets, FormFactor is a US-based provider of test and measurement technologies for semiconductors.

FormFactor reported revenues of $202.7 million, down 2.5% year on year. This number beat analysts’ expectations by 1.3%. Overall, it was an exceptional quarter as it also recorded a beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

The stock is up 57.9% since reporting and currently trades at $75.35.

Read our full, actionable report on FormFactor here, it’s free.

Nova

Headquartered in Israel, Nova is a provider of quality control systems used in semiconductor manufacturing.

Nova reported revenues of $224.6 million, up 25.5% year on year. This print surpassed analysts’ expectations by 1.5%. Aside from that, it was a satisfactory quarter as it also logged a meaningful improvement in its inventory levels but adjusted operating income in line with analysts’ estimates.

The stock is up 27.1% since reporting and currently trades at $435.13.

Read our full, actionable report on Nova here, it’s free.

What Happened?

Shares of semiconductor testing company FormFactor jumped 5.3% in the afternoon session after a broad rally swept through the semiconductor sector, driven by strong results from an industry leader and growing analyst optimism about AI-related demand. 

The rally in semiconductor stocks was sparked after industry bellwether Taiwan Semiconductor reported a record quarter and provided strong forward guidance, lifting sentiment across the entire chip sector. Analysts also grew more optimistic about the industry's cycle, pointing to stronger spending on chip-making equipment and rising demand related to Artificial Intelligence. This positive outlook was echoed by Stifel, which raised its price target for FormFactor to $65 from $42 on the previous day. The firm identified the company as a key beneficiary of growth in AI, particularly in testing essential components like High-Bandwidth Memory (HBM) wafers.

What Is The Market Telling Us

FormFactor’s shares are extremely volatile and have had 34 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 13 days ago when the stock gained 6.2% on the news that a broad rally in semiconductor stocks kicked off the new year, driven by continued investor enthusiasm for artificial intelligence (AI). 

The move was part of a wider "risk-on" appetite that saw the Nasdaq Composite surge early in the session. Investors rotated back into high-growth tech stocks, with the semiconductor industry appearing poised to anchor the market's trajectory. Market analysts noted that the bullish themes from the previous year, particularly around AI and tech, were carrying forward into the new year. This sentiment was supported by the view that the chipmaking industry would remain supply-constrained as companies continued to build out the new infrastructure required for AI.

FormFactor is up 28.3% since the beginning of the year, and at $75.92 per share, has set a new 52-week high. Investors who bought $1,000 worth of FormFactor’s shares 5 years ago would now be looking at an investment worth $1,555.

What Happened?

A number of stocks jumped in the afternoon session after a broad rally in the semiconductor sector kicked off the new year, driven by continued investor enthusiasm for artificial intelligence (AI). 

The move was part of a wider "risk-on" appetite that saw the Nasdaq Composite surge early in the session. Investors rotated back into high-growth tech stocks, with the semiconductor industry appearing poised to anchor the market's trajectory. Market analysts noted that the bullish themes from the previous year, particularly around AI and tech, were carrying forward into the new year. This sentiment was supported by the view that the chipmaking industry would remain supply-constrained as companies continued to build out the new infrastructure required for AI.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Semiconductor Manufacturing company FormFactor jumped 6.2%. Is now the time to buy FormFactor? Access our full analysis report here, it’s free for active Edge members.
• Analog Semiconductors company onsemi jumped 5.6%. Is now the time to buy onsemi? Access our full analysis report here, it’s free for active Edge members.
• Analog Semiconductors company Sensata Technologies jumped 5%. Is now the time to buy Sensata Technologies? Access our full analysis report here, it’s free for active Edge members.
• Analog Semiconductors company Vishay Intertechnology jumped 6.2%. Is now the time to buy Vishay Intertechnology? Access our full analysis report here, it’s free for active Edge members.
• Semiconductor Manufacturing company Nova jumped 6.3%. Is now the time to buy Nova? Access our full analysis report here, it’s free for active Edge members.

Zooming In On Nova (NVMI)

Nova’s shares are extremely volatile and have had 36 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 14 days ago when the stock gained 4.1% on the news that investor optimism around artificial intelligence fueled broad market gains. 

Technology stocks with a focus on artificial intelligence once again led the market higher, boosting the Nasdaq and S&P 500. Companies at the forefront of the AI boom, such as Nvidia and Broadcom, saw significant jumps in their share prices. The rally reflects a renewed belief among investors in the transformative potential of AI technology to drive future growth and productivity. The rally was further supported by a surprise cooling in the November consumer price index (CPI) report, which triggered market pricing for additional rate cuts in the coming year. This created a more favorable environment for growth-oriented companies.

Nova is flat since the beginning of the year, and at $347.35 per share, it is trading close to its 52-week high of $351.58 from October 2025. Investors who bought $1,000 worth of Nova’s shares 5 years ago would now be looking at an investment worth $4,912.

What Happened?

A number of stocks jumped in the afternoon session after investor optimism around artificial intelligence fueled broad market gains. 

Technology stocks with a focus on artificial intelligence once again led the market higher, boosting the Nasdaq and S&P 500. Companies at the forefront of the AI boom, such as Nvidia and Broadcom, saw significant jumps in their share prices. The rally reflects a renewed belief among investors in the transformative potential of AI technology to drive future growth and productivity. 

The rally was further supported by a surprise cooling in the November consumer price index (CPI) report, which triggered market pricing for additional rate cuts in the coming year. This created a more favorable environment for growth-oriented companies.

The stock market overreacts to news, and big price drops can present good opportunities to buy high-quality stocks.

Among others, the following stocks were impacted:

• Semiconductor Manufacturing company FormFactor jumped 2.9%. Is now the time to buy FormFactor? Access our full analysis report here, it’s free for active Edge members.
• Semiconductor Manufacturing company Amkor jumped 3.2%. Is now the time to buy Amkor? Access our full analysis report here, it’s free for active Edge members.
• Semiconductor Manufacturing company Teradyne jumped 3.1%. Is now the time to buy Teradyne? Access our full analysis report here, it’s free for active Edge members.

Zooming In On Amkor (AMKR)

Amkor’s shares are very volatile and have had 27 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 7 days ago when the stock dropped 5.7% on the news that investors grew concerned over the profitability timeline of artificial intelligence (AI) investments following financial reports from industry giants. 

Fears of an AI bubble resurfaced after Oracle reported higher-than-expected capital spending alongside lower revenue and operating income. The news sent Oracle's shares plummeting and created a ripple effect across the AI landscape, dragging down chipmakers like Nvidia and Micron Technology. The negative sentiment was so pervasive that even Broadcom, which posted better-than-expected results, saw its stock decline. The market reaction signals investor anxiety about when the massive capital expenditures on AI infrastructure will translate into tangible profits, leading to a broader rotation out of big tech names.

Amkor is up 55.7% since the beginning of the year, but at $40.51 per share, it is still trading 13.9% below its 52-week high of $47.04 from December 2025. Investors who bought $1,000 worth of Amkor’s shares 5 years ago would now be looking at an investment worth $2,700.

What Happened?

Shares of semiconductor testing company FormFactor jumped 3.8% in the afternoon session after a better-than-expected inflation report for November sparked a broad market rally, lifting technology stocks. 

The Consumer Price Index (CPI) came in below expectations, with a headline year-over-year inflation rate of +2.7%, which was lower than the anticipated +3.1%. This surprisingly tame data eased concerns about rising prices. The positive economic news prompted a wide range of assets to soar. Also helping the sector, Micron Technology reported stronger profit and revenue than analysts expected, which reaffirmed the health of the AI theme and further buoyed investor sentiment in related stocks.

After the initial pop the shares cooled down to $55.81, up 3.7% from previous close.

What Is The Market Telling Us

FormFactor’s shares are extremely volatile and have had 33 moves greater than 5% over the last year. In that context, today’s move indicates the market considers this news meaningful but not something that would fundamentally change its perception of the business.

The previous big move we wrote about was 24 days ago when the stock gained 3.8% on the news that renewed enthusiasm for Alphabet reinvigorated the artificial intelligence trade, propelling a market rebound heading into the Thanksgiving holiday. 

The Nasdaq index jumped 2.6% and the S&P 500 gained 1.6%, driven by a 5% rally in Alphabet following the announcement of its upgraded Gemini 3 AI model. This optimism spilled over into the broader tech sector, lifting shares of Broadcom, Micron, and Palantir significantly.The rally built on momentum from the previous trading session, sparked by the New York Fed president keeping the door open for a December interest rate cut.

FormFactor is up 26.2% since the beginning of the year, and at $55.81 per share, it is trading close to its 52-week high of $59.25 from October 2025. Investors who bought $1,000 worth of FormFactor’s shares 5 years ago would now be looking at an investment worth $1,298.