ACM Research Inc. (NASDAQ:ACMR) shares are trading lower on Friday after the company announced preliminary unaudited revenue and shipments for the first quarter.
The company registered preliminary unaudited revenue for the first quarter of 2024 of $150 million to $152 million versus the estimate of $152.41 million. This represents year-over-year growth of 102% to 105%.
The company said preliminary total shipments are expected to be in the range of $235 million to $240 million, which would represent year-to-year growth of 163% to 169%.
ACM Research reaffirmed full year 2024 revenue outlook in the range of $650 million to $725 million versus $701.7 million, which would represent year-to-year growth of 17% to 30%.
According to Benzinga Pro, ACM Research stock has gained over 117% in the past year. Investors can gain exposure to the stock via Invesco Semiconductors ETF (NYSE:PSI) and Matthews China Discovery Active ETF (NASDAQ:MCHS).
ACMR Price Action: ACM Research shares are trading lower by 4.28% to $27.08 at publication Friday.