Novellus Q3 Tops Estimates; But Stock Slides

Novellus (NVLS) posted Q3 revenue of $176.9 million, up 48.4% sequentially, down 29.3% year-over-year and ahead of the Street at $172.4 million. The semiconductor equipment company posted a non-GAAP loss of 3 cents a share; the Street had expected a 4-cent loss.

Bookings in the quarter were $171.5 million, up 54.3% sequentially; shipments were $165.4 million, up 37.9% sequentially.

CEO Richard Hill said in a statement that the company saw “strong customer order activity driven by improved fab utilization levels, increased memory prices and demand for PCs and smartphones.”

In late trading, NVLS is down 71 cents, or 3.3%, to $20.90.