How did FORM's Q4 earnings surprise impact investor sentiment?

**FormFactor's Q4 earnings surprise had a mixed impact on investor sentiment**:

1. **Revenue and Earnings Performance**: FormFactor reported revenue of $189.48 million for Q4, which was slightly below the estimated $208 million, indicating a 3.8% variance. The company's EPS came in at -$0.02, representing a -4.28% change. This performance led to some disappointment among investors, as the company missed revenue expectations and reported a negative EPS.
2. **Analyst Reactions**: Despite the earnings miss, analysts maintained their estimates for the upcoming year, with revenue forecasted at $838.5 million for 2025, reflecting a 13% increase. This suggests that analysts believed the company's fundamentals remained solid, which could have mitigated some of the negative sentiment.
3. **Stock Price Reaction**: Following the earnings release, FormFactor's stock hit a 52-week low of $32.67, indicating significant downward pressure in the immediate aftermath of the earnings report. This could be attributed to the earnings miss and broader market shifts.
4. **Investor Sentiment**: The combination of the earnings miss, negative EPS, and stock price hitting a low point likely contributed to a negative sentiment among investors. However, the company's strategic moves, such as the acquisition of FICT, may have provided some optimism for the future.
5. **Market Challenges**: The broader semiconductor industry downturn and macroeconomic factors affecting tech stocks globally also played a role in investor sentiment. Despite FormFactor's strong fundamentals and growth in certain segments like HBM, the overall market environment likely influenced investor sentiment negatively.

In conclusion, while FormFactor's Q4 earnings surprise did not meet expectations, the company's long-term prospects and strategic initiatives may help in recovering investor confidence over time.