Amkor Technology, Inc. AMKR reported first-quarter 2020 earnings of 26 cents per share, beating the Zacks Consensus Estimate by 13 cents. The figure significantly improved from the year-ago quarter but declined 36.6% sequentially.Revenues of $1.15 billion surpassed the Zacks Consensus Estimate by 6.4%. The figure improved 29% year over year but was down 2.2% sequentially.The company witnessed solid demand for advanced packaging technologies in consumer and mobile communication markets during the reported quarter, which in turn drove the top line.Management believes that the coronavirus will likely impact the company’s near-term demand. However, it does not expect any significant negative impact on long-term growth of the semiconductor industry.Amkor remains optimistic about growth opportunities associated with high-performance computing, 5G and digital automotive, which in turn are expected to strengthen its market position.Amkor Technology, Inc. Price, Consensus and EPS Surprise Amkor Technology, Inc. price-consensus-eps-surprise-chart | Amkor Technology, Inc. QuoteRevenues in Terms of Product LinesAdvanced Products — which includes flip chip scale packages, wafer-level chip scale packages and flip chip ball grid array packages — accounted for approximately 61% of first-quarter revenues. Revenues improved 67.1% year over year to $705 million.Mainstream Products — which includes lead frame packages, substrate-based wire bond packages and MEMS packages — accounted for the remaining 39% of first-quarter revenues. Revenues declined 5.3% year over year to $448 million.End-Market DetailsThe company operates in four end markets, namely Communications, Computing, Consumer and Automotive, industrial and other.In the mobile communications market, sales remained strong in the first quarter, driven by spring phone launches. Also, sales in computing and consumer markets remained solid.However, sales in automotive and industrial markets were down from the prior-year quarter.Amkor’s advanced SiP technology continues to gain momentum. Revenues from advanced SiP more than doubled year over year in the quarter.MarginsPer management, gross margin of 16.4% expanded 290 basis points (bps) from the year-ago quarter.Operating expenses of $104.8 million decreased 2.3% year over year due to disciplined discretionary spending and manufacturing cost control. As a percentage of revenues, both selling, general and administrative, as well as research and development expenses declined from the year-ago quarter.Operating margin was 7.3%, which expanded 580 bps from the prior-year quarter.Balance SheetAs of Mar 31, 2020, cash equivalents and restricted cash were $942.1 million compared with $895.6 million on Dec 31, 2019.Further, long-term debt was $1.37 billion at the end of the first quarter compared with $1.3 billion at fourth quarter-end.GuidanceFor second-quarter 2020, Amkor expects revenues in the range of $1-$1.1 billion, indicating 17% year-over-year growth but 9% sequential decline. The Zacks Consensus Estimate for revenues is pegged at $953.7 million.Gross margin is expected in the range of 9.5-13.5%.Further, earnings are expected between ($0.13) to 8 cents per share. The Zacks Consensus Estimate for earnings is pegged at 1 cent per share.Zacks Rank & Key PicksAmkor currently has a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Advanced Micro Devices, Inc. AMD, Advanced Semiconductor Engineering, Inc. ASX and Wayfair Inc. W, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Long-term earnings growth for Advanced Micro, Advanced Semiconductor Engineering and Wayfair is currently projected at 23.7%, 3% and 23%, respectively.Zacks Top 10 Stocks for 2020In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-hold tickers for the entirety of 2020?Last year's 2019 Zacks Top 10 Stocks portfolio returned gains as high as +102.7%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.Access Zacks Top 10 Stocks for 2020 today >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Advanced Micro Devices, Inc. (AMD): Free Stock Analysis Report Amkor Technology, Inc. (AMKR): Free Stock Analysis Report Advanced Semiconductor Engineering, Inc. (ASX): Free Stock Analysis Report Wayfair Inc. (W): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research