ACM Research Lifts Annual Revenue Outlook, Pre-Market Stock Up

(RTTNews) - ACM Research, Inc. (ACMR), a semiconductor firm focused on single-wafer wet cleaning equipment, on Thursday revised up its annual revenue guidance, in line with view.

David Wang, CEO of ACM Research, said: "Looking ahead, we anticipate continued growth of our business in mainland China through market share gains and new product ramps. We have begun initial operations at our Lingang facility, and we remain committed to support major customers in the US, Europe, and Southeast Asia. Our near-term outlook has improved, and as a result, we have raised our 2024 revenue outlook."

For full year, the company now expects revenue of $725 million to $745 million, higher than the prior outlook of $695 to $735 million.

On average, seven analysts, polled by Thomson Reuters expect the firm to generate revenue of $728.43 million, for the year. Analysts' estimates typically exclude special items.

ACMR was up by 9.23 percent at $20.70 in the pre-market trade on the Nasdaq.