Advantest (TSE:6857) shares dipped today by 5.5%, despite Q4 results that exceeded analysts' expectations.

The semiconductor testing equipment manufacturer posted a revenue of ¥328.1 billion for the quarter, marking a 20% increase from the previous quarter and beating the consensus forecast by 14%. Net profit hit ¥126.8 billion, exceeding consensus by 38%. The gross margin stood at 67.4%, while operating margin was at 46.7%.

Revenue from SoC testers grew by 44% quarter-over-quarter, while revenue from memory testers decreased by 36% quarter-over-quarter. Geographically, Taiwan delivered a quarterly beat on forecasts: revenue increased by 83% quarter-over-quarter, whereas South Korea dropped by 39%, and China fell by 13%.

The company's forecast for the 2027 fiscal year turned out to be conservative compared to its usual forecasting approach. The revenue forecast was set at a level close to consensus.

Advantest cited external factors, including wafer launches, CoWoS capacity, and memory supply at client sites, as potential constraints on growth.

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