Shares of ACM Research Inc. (ACMR) plummeted 15.41% in pre-market trading on Wednesday following the release of its second-quarter earnings report that fell short of analyst expectations. The semiconductor equipment manufacturer's results, while showing year-over-year growth, failed to meet market projections, leading to a significant sell-off.

ACM Research reported Q2 revenue of $215.37 million, representing a 6.4% increase from the same period last year. However, this figure missed the consensus estimate of $223.4 million projected by analysts. Despite the revenue shortfall, the company posted a non-GAAP earnings per share of $0.54, slightly beating the expected $0.50 per share. The company's net income for the quarter stood at $29.76 million, with a basic EPS of $0.47.

Adding to investor concerns, ACM Research maintained its fiscal 2025 revenue guidance range of $850 million to $950 million, which some market participants viewed as conservative given the current industry dynamics. The company cited ongoing supply chain constraints and considerations of trade policies and customer spending patterns in its outlook. While ACM Research highlighted its continued growth in China and global markets, including planned tool deliveries to the U.S. in Q3, the unchanged guidance seemed to dampen investor enthusiasm. The market's reaction suggests that investors were hoping for more aggressive growth projections in light of the expanding semiconductor industry.