Published , by Donovan Erskine
Published , by Donovan Erskine
Universal Display (OLED) is the company behind many of the display screens seen in modern televisions and electronic products. Today, it reported its financial earnings for Q3 2023. In the report, we see that Universal Display was able to hit EPS expectations, but its revenue numbers fell short of what analysts were expecting.
Universal Display reported its Q3 2023 earnings report at the close of markets today. The company’s $141.1 million in revenue was considerably short of the $149 million estimate. However, the $1.08/share EPS cleared the $1.01/share expectation.
“As we approach the end of 2023, our performance for the year remains on course. Looking ahead, we believe that multiple market verticals are driving the OLED industry’s long-term growth path,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “A significant shift in the world of technology is occurring with the introduction of conformable, foldable and rollable consumer electronics, and OLEDs are fueling this form factor revolution. In addition to the expected commencement of a new OLED IT adoption cycle in 2024, we are also seeing the emergence of OLEDs in the automotive market, especially with electric vehicles. As OLED activity continues to expand across the consumer display and lighting landscapes, we remain steadfast in our commitment to advancing our robust OLED materials and technology leadership.”
Universal Display (OLED) took quite the nosedive in after-hours trading following the release of its earnings report. It fell as low as $134.00 after ending the day at $141.96. The company also narrowed its 2023 revenue guidance from $560 million - $600 million to $565 million - $590 million. Stick with Shacknews for more financial news from the biggest companies in tech and gaming.