NEW YORK (TheStreet) -- Shares of Amkor Technology (AMKR) were climbing 11.51% to $10.34 on heavy trading volume mid-morning Tuesday as the Tempe, AZ-based company late yesterday reported better-than-expected results for the 2016 third quarter and issued upbeat fourth-quarter and full-year guidance.
After yesterday's market close, Amkor posted earnings of 25 cents per diluted share, surpassing Wall Street's estimated 21 cents per diluted share.
Revenue was $1.09 billion, which beat analysts' projected $1.06 billion.
For the fourth quarter, the semiconductor packaging and test services provider expects to report earnings in the range of 19 cents to 34 cents per diluted share. Analysts surveyed by FactSet are looking for earnings of 25 cents per diluted share.
Revenue is expected to be between $990.00 million and $1.07 billion, while the FactSet consensus is $1.02 billion.
Amkor projects full-year earnings of approximately 55 cents per diluted share. Analysts surveyed by FactSet are forecasting earnings of 47 cents per diluted share.
The company said it expects 2016 revenue to be about $3.90 billion, above the FactSet consensus of $3.86 billion.
Amkor CEO Steve Kelley said in a statement that the company saw "notable strength" in smartphones across multiple tiers, adding that demand is "solid" in nearly all end markets.
More than 1.54 million of the company's shares changed hands so far today vs. its average 30-day volume of 948,797 shares per day.
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