The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how semiconductor manufacturing stocks fared in Q3, starting with Marvell Technology (NASDAQ: MRVL).

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 satisfactory Q3. As a group, revenues beat analysts’ consensus estimates by 2% while next quarter’s revenue guidance was 1.3% below.

While some semiconductor manufacturing stocks have fared somewhat better than others, they have collectively declined. On average, share prices are down 1.3% since the latest earnings results.

Best Q3: Marvell Technology (NASDAQ: MRVL)

Moving away from a low margin storage device management chips in one of the biggest semiconductor business model pivots of the past decade, Marvell Technology (NASDAQ: MRVL) is a fabless designer of special purpose data processing and networking chips used by data centers, communications carriers, enterprises, and autos.

Marvell Technology reported revenues of $1.52 billion, up 6.9% year on year. This print exceeded analysts’ expectations by 4%. Overall, it was an exceptional quarter for the company with a significant improvement in its inventory levels and revenue guidance for next quarter exceeding analysts’ expectations.

Interestingly, the stock is up 12% since reporting and currently trades at $107.48.

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

Teradyne (NASDAQ: TER)

Sporting most major chip manufacturers as its customers, Teradyne (NASDAQ: TER) is a US-based supplier of automated test equipment for semiconductors as well as other technologies and devices.

Teradyne reported revenues of $737.3 million, up 4.8% year on year, outperforming analysts’ expectations by 3%. The business had an exceptional quarter with an impressive beat of analysts’ EPS estimates and a solid beat of analysts’ adjusted operating income estimates.

The market seems content with the results as the stock is up 1.9% since reporting. It currently trades at $126.90.

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

Weakest Q3: 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 $807.7 million, down 9.1% year on year, falling short of analysts’ expectations by 3%. It was a disappointing quarter as it posted revenue guidance for next quarter missing analysts’ expectations.

Entegris delivered the weakest performance against analyst estimates in the group. As expected, the stock is down 3.4% since the results and currently trades at $103.53.

Read our full analysis of Entegris’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 $24.11 million, down 13% year on year. This result topped analysts’ expectations by 1.5%. More broadly, it was a softer quarter as it logged revenue guidance for next quarter missing analysts’ expectations significantly and a significant miss of analysts’ EPS estimates.

The stock is down 10.3% since reporting and currently trades at $5.46.

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

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 $233.1 million, down 22.6% year on year. This print beat analysts’ expectations by 2.3%. Taking a step back, it was a slower quarter as it produced a significant miss of analysts’ adjusted operating income and EPS estimates.

IPG Photonics had the slowest revenue growth among its peers. The stock is down 6.7% since reporting and currently trades at $74.01.

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

Market Update

Thanks to the Fed’s rate hikes in 2022 and 2023, inflation has been on a steady path downward, easing back toward that 2% sweet spot. Fortunately (miraculously to some), all this tightening didn’t send the economy tumbling into a recession, so here we are, cautiously celebrating a soft landing. The cherry on top? Recent rate cuts (half a point in September, a quarter in November) have kept 2024 stock markets frothy, especially after Trump’s November win lit a fire under major indices and sent them to all-time highs. However, there's still plenty to ponder — tariffs, corporate tax cuts, and what 2025 might hold for the economy.

Want to invest in winners with rock-solid fundamentals? Check out our Strong Momentum Stocks and add them to your watchlist. These companies are poised for growth regardless of the political or macroeconomic climate.

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