FormFactor Inc. FORM reported first-quarter adjusted earnings of 20 cents per share, beating the Zacks Consensus Estimate by a couple of cents. The figure decreased 35.5% sequentially but increased 17.6% year over year.Revenues increased 11.8% from the year-ago quarter but decreased 6.2% sequentially to $132.2 million. The top line beat the Zacks Consensus Estimate of $130 million and was at the high end of the company’s guided range of $127-$135 million.Quarter DetailsProbe card segment revenues were $108.1 million in the first quarter, down 6.9% from fourth-quarter 2018.Within the probe card segment, Foundry & Logic sales (accounting for 54% of its total revenues) decreased 6.6% on a sequential basis to $71.6 million.Revenues for DRAM products (22% of revenues) were $28.9 million, down 2.4% sequentially.Flash revenues were $7.6 million, down on a sequential basis. Almost $4.4 million of the flash revenues were from NAND flash applications.Systems revenues in the first quarter were $24.1 million, down 2.5% sequentially.Operating DetailsOn a non-GAAP basis, gross margin expanded 80 basis points (bps) year over year but was flat sequentially at 44.1%. The year-over-year increase was primarily due to a strong product mixin its engineering systems segment.Non-GAAP operating expenses were $38.1 million in the first quarter, up $0.9 million from the fourth quarter. The increase was due to higher R&D investments, partially offset by lower SG&A expenses.Balance Sheet & Cash FlowAt the end of the first quarter, cash and cash equivalents as well as marketable securities were $159.8 million compared with $149 million in the fourth quarter.Cash flow from operations was $20.6 million in the first quarter. Free cash flow was $14.9 million, down from $15.8 million in the fourth quarter.GuidanceFormFactor expects second-quarter 2019 revenues between $131 million and $139 million. The Zacks Consensus Estimate for revenues is currently pegged at $134.3 million.On a non-GAAP basis, the company projects gross margin within 41-44% and earnings in the band of 15-21 cents per share. The Zacks Consensus Estimate for earnings is pegged at 21 cents per share.FormFactor, Inc. Price, Consensus and EPS Surprise FormFactor, Inc. Price, Consensus and EPS Surprise | FormFactor, Inc. QuoteZacks Rank & Stocks to ConsiderCurrently, Formfactor carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader technology sector include Facebook, Inc. FB, Shopify Inc. SHOP and AXT, Inc. AXTI, 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 Facebook, Shopify and AXT is currently projected at 18.2%, 23.7% and 15%, respectively.Zacks' Top 10 Stocks for 2019In addition to the stocks discussed above, would you like to know about our 10 finest buy-and-holds for the year?Who wouldn't? Our annual Top 10s have beaten the market with amazing regularity. In 2018, while the market dropped -5.2%, the portfolio scored well into double-digits overall with individual stocks rising as high as +61.5%. And from 2012-2017, while the market boomed +126.3, Zacks' Top 10s reached an even more sensational +181.9%.See Latest Stocks 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 Facebook, Inc. (FB): Free Stock Analysis Report Shopify Inc. (SHOP): Free Stock Analysis Report AXT Inc (AXTI): Free Stock Analysis Report FormFactor, Inc. (FORM): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research