Semiconductor packaging and testing company Amkor Technology (NASDAQ:AMKR) will be reporting earnings tomorrow afternoon. Here's what to look for.

Amkor beat analysts' revenue expectations by 2.1% last quarter, reporting revenues of $1.75 billion, down 8.1% year on year. It was a slower quarter for the company, with underwhelming revenue guidance for the next quarter.

Is Amkor a buy or sell going into earnings? Read our full analysis here, it's free.

This quarter, analysts are expecting Amkor's revenue to decline 6.4% year on year to $1.38 billion, improving on the 7.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.13 per share.

The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they are expecting the business to stay the course heading into earnings. Amkor has missed Wall Street's revenue estimates three times over the last two years.

Looking at Amkor's peers in the semiconductor manufacturing segment, some have already reported their Q1 results, giving us a hint as to what we can expect. Teradyne's revenues decreased 2.9% year on year, beating analysts' expectations by 5.2%, and Lam Research reported a revenue decline of 2%, topping Wall Street's consensus estimates by 1.7%. Teradyne traded up 7.9% following the results while Lam Research was flat on the results.

Read our full analysis of Teradyne's results here and Lam Research's results here.

Growth stocks have been quite volatile to start 2024, and while some of the semiconductor manufacturing stocks have fared somewhat better, they have not been spared, with share price declining 2.9% over the last month. Amkor is down 3.5% during the same time and is heading into earnings with an average analyst price target of $36.3 (compared to share price of $30.69).

Here at StockStory, we certainly understand the potential of thematic investing. Diverse winners from Microsoft (MSFT) to Alphabet (GOOG), Coca-Cola (KO) to Monster Beverage (MNST) could all have been identified as promising growth stories with a megatrend driving the growth. So, in that spirit, we’ve identified a relatively under-the-radar profitable growth stock benefitting from the rise of AI, available to you FREE via this link.