$AMKR Q3 misses expectations and the Q4 guide is below them, but Computing, wh… · @carrioresearch · TwKit

@carrioresearch

$AMKR Q3 misses expectations and the Q4 guide is below them, but Computing, where Amkor's AI work sits, just had its best quarter ever. Computing, the segment that holds its AI data center work, posted record revenue: 26% of sales, up from 22% in Q2, about $518M, roughly +24% quarter on quarter Revenue $1.991B vs $2.04B expected (-2.4%); EPS $0.76 vs $0.78 expected (-2.6%); gross margin 18.3% vs 18.5%–19.5% guided Q4 guide: revenue $1.90B–$2.00B vs $2.045B expected; EPS $0.65–$0.75 vs $0.78 expected The miss is phones: Communications fell to 37% of sales from 42% Amkor is the second-largest outsourced packaging and test company in the world and the biggest one based in the US. Computing passing a quarter of its sales for the first time in two years means the AI build-out is already showing up outside TSMC, at the packaging houses, even in a quarter when phones pulled the total down. CEO Kevin Engel pointed to "expanding customer commitments that improve visibility," and Nvidia is the one with a number on it: Amkor's agreements with Nvidia across Arizona and South Korea now total $3B. The rest of the back end follows that AI volume: test ($TER), probe cards ($FORM), substrates and HBM stacking. What I'm looking forward to: the $1.5B Arizona prepayment arrives in 2027, the first Arizona phase starts production in 2028 with its capacity already fully committed by customers, and Amkor's own plan has Computing at about 35% of sales by 2030. ASE's Q3 report is the next cross-check for this layer.

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