Why SkyWater Stock Is Soaring Today

·2 min read
Why SkyWater Stock Is Soaring Today

Shares of SkyWater Technology (NASDAQ: SKYT), a semiconductor manufacturing company, were skyrocketing today after the company reported top- and bottom-line second-quarter results that outpaced analysts' average estimates. SkyWater reported a non-GAAP (adjusted) loss per share of $0.32 in the second quarter, which was worse than the company's loss of $0.20 in the year-ago quarter but still ahead of Wall Street's consensus estimate of a loss of $0.34 per share. SkyWater said it started a new partnership with the state of Indiana and Purdue University to build an advanced $1.8 billion semiconductor factory on Purdue's campus.