By Dean Seal
Shares of Photronics slipped after the company said weaker-than-expected demand weighed on revenue in its fiscal first quarter.
The stock was down 15%, at $26.64, in midday trading. They are also down about 15% year-to-date, but were trading at around $16.40 this time a year ago.
The manufacturer of integrated-circuit and flat-panel-display photomasks recorded revenue of $216.3 million in the quarter ended Jan. 28. That is up 2% from the year-ago quarter, but missed the company’s guidance for at least $217 million.
Chief Executive Frank Lee said typically lower seasonal demand was weaker than anticipated, particularly in the beginning of the quarter.
Write to Dean Seal at dean.seal@wsj.com
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