Aehr Test Systems slides after cutting FY24 revenue forecast

AEHR Test Systems

10/01/2024 11:18

** Shares of chip equipment testing firm Aehr Test Systems
 AEHR.O  plummet 18.5% to $18.21 premarket
    ** Co cuts FY24 revenue forecast to between $75 mln and $85
mln, from earlier expectation of at least $100 mln 
    ** New forecast below analysts' average estimate of $103.1
mln, according to LSEG 
    ** Slowing growth of the electric vehicle market negatively
impacting timing of customer orders - CEO Gayn Erickson
    ** However, Q2 results beat Wall Street estimates 
    ** AEHR stock rose about 32% in 2023 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))