ACM Research, Inc. (NASDAQ:ACMR) shares are trading higher today after the company issued full-year 2023 revenue guidance above estimates.
What Happened: On Tuesday, ACM Research announced the company expects revenue for full-year 2023 to be in the range of $515 million to $585 million versus the $414.92 million estimate. In addition, the company reaffirmed its full-year 2022 revenue outlook of $365 million to $385 million.
ACM management expects revenue growth based on the anticipated impact of development in the US-China trade policy and a 2023 COVID-19 reopening in China.
Dr. David Wang, ACM’s President and CEO, states, “we expect continued growth in 2023…as the industry adjusts to the recent U.S. trade restrictions, we continue to anticipate a recovery in mature node spending.”
ACM Research Inc develops, manufactures, and sells single-wafer wet cleaning equipment.
According to data from Benzinga Pro, ACM Research, Inc. is up 26.7%, trading at $9.77 at the time of publication. It has a 52-week high of $91.59 and a 52-week low of $5.46.
