As Q2 earnings season comes to a close, it’s time to take stock of this quarter's best and worst performers amongst the semiconductor manufacturing stocks, including IPG Photonics (NASDAQ:IPGP) and its peers.

The semiconductor industry is driven by demand for advanced electronic products like smartphones, PCs, servers and data storage. The growth of data and technologies like artificial intelligence, 5G networks and smart cars are also creating a next wave of growth for the industry. To keep up with ever changing customer needs requires new tools that can design, fabricate and test at ever smaller sizes and more complex architectures, and that is driving the demand for semiconductor capital manufacturing equipment.

The 14 semiconductor manufacturing stocks we track reported a slower Q2; on average, revenues were in line with analyst consensus estimates, while on average next quarter revenue guidance was 1.39% under consensus. Investors abandoned cash burning companies since high interest rates will make it harder to raise capital and semiconductor manufacturing stocks have not been spared, with share prices down 12% since the previous earnings results, on average.

Weakest Q2: IPG Photonics (NASDAQ:IPGP)

Both a designer and manufacturer of most of its products, IPG Photonics (NASDAQ:IPGP) is a provider of high-performance fiber lasers that are used for cutting, welding and processing raw materials.

IPG Photonics reported revenues of $340 million, down 9.83% year on year, missing analyst expectations by 1.79%. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a miss of analysts' revenue estimates.

"Our materials processing business, excluding China, performed well in the second quarter with continued strong demand in welding and cleaning applications, driven by e-mobility. We also saw a sequential improvement in flat sheet cutting sales across many regions despite macroeconomic uncertainties and competition in China," said Dr. Eugene Scherbakov, IPG Photonics' Chief Executive Officer.

The stock is down 24.4% since the results and currently trades at $99.47.

Read our full report on IPG Photonics here, it's free.

Best Q2: Applied Materials (NASDAQ:AMAT)

Founded in 1967 as the first company that built the tools for other companies to use to make semiconductors, Applied Materials (NASDAQ:AMAT) is the largest provider of semiconductor wafer fabrication equipment.

Applied Materials reported revenues of $6.43 billion, down 1.46% year on year, beating analyst expectations by 4.29%. It was a very strong quarter for the company, with an impressive beat of analysts' EPS estimates and optimistic revenue guidance for the next quarter.

Applied Materials pulled off the strongest analyst estimates beat among its peers. The stock is up 0.66% since the results and currently trades at $138.3.

Is now the time to buy Applied Materials? Access our full analysis of the earnings results here, it's free.

FormFactor (NASDAQ:FORM)

With customers across the foundry and fabless markets, FormFactor (NASDAQ:FORM) is a US-based provider of test and measurement technologies for semiconductors.

FormFactor reported revenues of $155.9 million, down 23.5% year on year, missing analyst expectations by 3.94%. It was a weak quarter for the company, with a miss of analysts' revenue estimates and a decline in its operating margin.

The stock is down 7.47% since the results and currently trades at $33.3.

Read our full analysis of FormFactor's results here.

Semtech (NASDAQ:SMTC)

Operating for more than 60 years, Semtech (NASDAQ:SMTC) is a provider of analog and mixed-signal semiconductors used for Internet of Things systems and Cloud connectivity.

Semtech reported revenues of $238.4 million, up 13.9% year on year, in line with analyst expectations. It was a weaker quarter for the company, with underwhelming revenue guidance for the next quarter and a decline in its operating margin.

The stock is up 9.36% since the results and currently trades at $25.

Read our full, actionable report on Semtech here, it's free.

Entegris (NASDAQ:ENTG)

With fabs representing the company’s largest customer type, Entegris (NASDAQ:ENTG) supplies products that purify, protect, and generally ensure the integrity of raw materials needed for advanced semiconductor manufacturing.

Entegris reported revenues of $901 million, up 30.1% year on year, beating analyst expectations by 1.6%. It was a mixed quarter for the company, with an improvement in inventory levels but underwhelming revenue guidance for the next quarter and a decline in its operating margin.

The stock is down 13.6% since the results and currently trades at $89.49.

Read our full, actionable report on Entegris here, it's free.

The author has no position in any of the stocks mentioned