Entegris (ENTG) Nosedives 14.46% on Dismal Earnings

We recently published 10 Stocks Hit by Painful Plunge. Entegris, Inc. (NASDAQ:ENTG) is one of the worst-performing stocks on Tuesday.

Entegris nosedived by 14.46 percent on Wednesday to close at $79.34 apiece as investors soured on its dismal earnings performance and shunned a highly confident outlook for the current quarter of the year.

In its updated report, Entegris, Inc. (NASDAQ:ENTG) said that net income dropped by 22 percent in the second quarter of the year to $52.8 million from $67.7 million in the same period last year.

Net sales also dipped by 2.5 percent to $792.4 million from $812.7 million year-on-year.

Close-up of Silicon Die are being Extracted from Semiconductor Wafer and Attached to Substrate by Pick and Place Machine. Computer Chip Manufacturing at Fab. Semiconductor Packaging Process.

“Semiconductor industry trends are largely unchanged. AI-enabled applications are driving significant growth in advanced logic and HBM. However, elsewhere, fab activity remains subdued. And in the short term, the uncertainty around trade policies and the macroeconomic environment will continue to have an impact on semiconductor demand,” said Entegris, Inc. (NASDAQ:ENTG) President and CEO Bertrand Loy.

Despite the disappointing figures, Loy said that the company is highly optimistic about its business outlook for the rest of the year.

“Looking further ahead, nothing has changed in our long-term view of the industry. We remain very optimistic and continue to have high confidence in the strong long-term growth outlook for the market and Entegris,” he noted.