Fabrinet Shares Plummet on Q4 Earnings Miss

Fabrinet's shares plummeted by 20.11% to $478.63 after the company reported its fiscal fourth-quarter results.

The revenue grew 45% year-on-year and 8% sequentially to $1.32 billion, beating expectations by 4%, according to Rosenblatt Securities analyst Mike Genovese.

The strength across Telecom/DCI, Auto, and Industrial drove the upside, while Datacom revenues contracted by 1% due to a decline in sales to Nvidia Corp (NASDAQ:NVDA).

Absorbing this, Needham analyst Ryan Koontz reiterated a Buy rating and price target of $650.