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IPG Photonics has reported second quarter revenue of $296 million, a year-over-year decrease of 19% and nearly $68 million. Earnings per share dropped to $0.71, representing a 47% decrease year-over-year and down $0.63 from second quarter 2019. In announcing its quarterly results, the company cited foreign exchange loss, change for restructuring, and long-lived asset impairment as contributors to its $0.20 earnings per share quarterly decrease.
The company reported a quarterly profit of $38.2 million, down 47% from $72.3 million in the second quarter of 2019. IPG in February reported a 10% revenue loss for the fiscal year.
“Despite the continued challenges to our business from the COVID-19 pandemic, we delivered…READ MORE