News: Suppliers
1 April 2020
Veeco revises Q1 revenue guidance from $95-120m to $100-105m due to COVID-19
Epitaxial deposition and process equipment maker Veeco Instruments Inc of Plainview, NY, USA has provided a business update related to the COVID-19 (coronavirus) outbreak and a preliminary estimate of first-quarter 2020 revenue.
On 17 March, Veeco announced the withdrawal of its financial guidance for first-quarter 2020 due to the possible disruption of operations for Veeco as well as its customers. “We subsequently determined that our operations are considered part of the critical and essential infrastructure defined by applicable government agencies,” says the firm. “Consequently, we are currently permitted and are endeavoring to maintain manufacturing and supply-chain operations during these uncertain times.”
For first-quarter 2020, Veeco expects revenue of $100-105m. This compares with guidance given in mid-February of $95-120m.
“We continue to monitor this dynamic situation and expect to provide further updates during our first-quarter 2020 earnings conference call,” the firm adds.
Veeco’s revenue rebounds in Q4, as cost cutting yields a second quarter of profit
