FormFactor FORM reported first-quarter adjusted earnings of 38 cents per share, which missed the Zacks Consensus Estimate by 2.6% but increased 15.2% year over year.Revenues increased 16.2% year over year to $186.8 million and also surpassed the Zacks Consensus Estimate by 1.7%. However, on a sequential basis, revenues declined 5.2% year over year.The year-over-year growth in top line was driven by strong demand for Foundry & Logic probe cards and DRAM products.Quarter DetailsProbe card segment revenues were $159 million in the first quarter, down 2.2% sequentially but up 17.9% year over year.The sequential decrease was driven by lower Foundry & Logic, and slightly lower DRAM revenues, partially offset by an increase in Flash revenues.FormFactor, Inc. Price, Consensus and EPS Surprise FormFactor, Inc. price-consensus-eps-surprise-chart | FormFactor, Inc. QuoteFoundry & Logic (accounting for 60.7% of revenues) revenues were $113.4 million, up 7.2% year over year but down 7.6% sequentially. FormFactor’s strength in 5G and advanced packaging drove market share.Revenues for DRAM products (18.2% of revenues) were $33.9 million, reflecting an increase of 37.2% year over year.Flash revenues (6.2% of revenues) were $11.6 million, up 169.8% from the year-ago quarter.Systems revenues were $27.7 million, up 6.5% year over year.On a non-GAAP basis, gross margin contracted 110 basis points (bps) year over year to 45%. Probe card segment’s gross margin was 44.3% expanding 40 bps sequentially.Non-GAAP operating expenses increased 8.7% year over year to $46.4 million.Balance SheetAs of Mar 27, 2021, cash & marketable securities (including restricted cash) were $269.6 million compared with $257 million as of Dec 26, 2020.GuidanceFormFactor expects second-quarter 2021 revenues between $180 million and $192 million. The Zacks Consensus Estimate for revenues is currently pegged at $182.8 million.The company expects Foundry & Logic demand to decline sequentially due to specific timing of individual customer design releases. However, FormFactor expects increased DRAM probe card shipments in the second quarter, driven primarily by higher volume of new 16-gigabit DDR4 and DDR5 mobile and server designs.Product mix is expected to be less favorable in the second quarter. Management also expects higher raw material costs, resulting in non-GAAP gross margin outlook between 41% and 44%.On a non-GAAP basis, the company projects earnings in the band of 28-36 cents per share. The consensus mark for earnings is pegged at 40 cents.Zacks Rank & Stocks to ConsiderCurrently, FormFactor has a Zacks Rank #3 (Hold).Better-ranked stocks in the broader technology sector are AMETEK AME, Cognex CGNX and CDW Corporation CDW, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.AMETEK, CDW and Cognex are scheduled to report quarterly earnings on May 4, 5 and 6, respectively.These Stocks Are Poised to Soar Past the PandemicThe COVID-19 outbreak has shifted consumer behavior dramatically, and a handful of high-tech companies have stepped up to keep America running. Right now, investors in these companies have a shot at serious profits. For example, Zoom jumped 108.5% in less than 4 months while most other stocks were sinking.Our research shows that 5 cutting-edge stocks could skyrocket from the exponential increase in demand for “stay at home” technologies. This could be one of the biggest buying opportunities of this decade, especially for those who get in early.See the 5 high-tech stocks now>>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 FormFactor, Inc. (FORM): Free Stock Analysis Report AMETEK, Inc. (AME): Free Stock Analysis Report Cognex Corporation (CGNX): Free Stock Analysis Report CDW Corporation (CDW): Free Stock Analysis Report To read this article on Zacks.com click here.