Shares of Ichor Holdings Ltd. (ICHR) are set to open sharply lower on Tuesday, plunging 18.43% in pre-market trading following the company's release of disappointing first-quarter results and weak forward guidance. The semiconductor equipment manufacturer's performance fell short of analysts' expectations, raising concerns about its near-term prospects.

Ichor Holdings reported a loss of $4.6 million, or $0.13 per share, for the quarter ended March 31. Adjusted earnings came in at $0.12 per share, significantly missing the Zacks Consensus Estimate of $0.26 per share. This represents a substantial earnings surprise of -53.85%. The company's revenue for the quarter was $244.47 million, slightly below the consensus estimate of $244.95 million.

Adding to investors' concerns, Ichor provided weak guidance for the current quarter ending in June. The company expects per-share earnings to range from $0.10 to $0.22, with revenue projected between $225 million and $245 million. This outlook suggests potential challenges in the near term, likely contributing to the steep pre-market decline. The disappointing results and guidance have prompted some analysts to revise their outlook, with TD Cowen cutting its target price for Ichor Holdings to $28 from $38. As the market digests this information, investors will be closely watching for any further developments or management commentary that could impact the stock's performance in the coming sessions.