Wrapping up Q3 earnings, we look at the numbers and key takeaways for the semiconductor manufacturing stocks, including KLA Corporation (NASDAQ:KLAC) and its peers.

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

The 14 semiconductor manufacturing stocks we track reported a mixed Q3; on average, revenues beat analyst consensus estimates by 0.6% while next quarter's revenue guidance was 3.9% below consensus. Inflation (despite slowing) has investors prioritizing near-term cash flows, but semiconductor manufacturing stocks held their ground better than others, with the share prices up 20.8% on average since the previous earnings results.

KLA Corporation (NASDAQ:KLAC)

Formed by the 1997 merger of the two leading semiconductor yield management companies, KLA Corporation (NASDAQ:KLAC) is the leading supplier of equipment used to measure and inspect semiconductor chips.

KLA Corporation reported revenues of $2.40 billion, down 12% year on year, topping analyst expectations by 1.9%. It was a solid quarter for the company, with an impressive beat of analysts' EPS estimates and optimistic revenue guidance for the next quarter.

"KLA's September quarter results were at the high-end or above the midpoint of the guidance ranges for revenue and earnings per share, demonstrating the strength of KLA's market leadership and operational execution, while also delivering solid free cash flow generation," said Rick Wallace, president and CEO, KLA Corporation.

The stock is up 22.8% since the results and currently trades at $559.24.

We think KLA Corporation is a good business, but is it a buy today? Read our full report here, it's free.

Best Q3: Nova (NASDAQ:NVMI)

Headquartered in Israel, Nova (NASDAQ: NVMI) is a provider of quality control systems used in semiconductor manufacturing.

Nova reported revenues of $128.8 million, down 10.5% year on year, outperforming analyst expectations by 4.6%. It was a strong quarter for the company, with a significant improvement in its inventory levels and an impressive beat of analysts' EPS estimates.

Nova scored the biggest analyst estimates beat among its peers. The stock is up 29.1% since the results and currently trades at $131.23.

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

Slowest Q3: IPG Photonics (NASDAQ:IPGP)

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

IPG Photonics reported revenues of $301.4 million, down 13.6% year on year, falling short of analyst expectations by 4%. It was a weak quarter for the company, with underwhelming revenue guidance for the next quarter and a miss of analysts' revenue estimates.

The stock is up 23.6% since the results and currently trades at $103.21.

Read our full analysis of IPG Photonics's results here.

Amtech (NASDAQ:ASYS)

Focusing on the silicon carbide and power semiconductor sectors, Amtech Systems (NASDAQ:ASYS) produces the machinery and related chemicals needed for manufacturing semiconductors.

Amtech reported revenues of $27.71 million, down 14.3% year on year, falling short of analyst expectations by 10.2%. It was a weak quarter for the company, with a miss of analysts' revenue estimates and a decline in its operating margin.

Amtech had the weakest performance against analyst estimates among its peers. The stock is up 1.5% since the results and currently trades at $4.16.

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

Photronics (NASDAQ:PLAB)

Sporting a global footprint of facilities, Photronics (NASDAQ:PLAB) is a manufacturer of photomasks, templates used to transfer patterns onto semiconductor wafers.

Photronics reported revenues of $227.5 million, up 8.2% year on year, surpassing analyst expectations by 1.6%. It was a very strong quarter for the company, with a significant improvement in its inventory levels and an impressive beat of analysts' EPS estimates.

The stock is up 36.6% since the results and currently trades at $29.55.

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

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The author has no position in any of the stocks mentioned