Universal Display (OLED) Q2 2023 earnings beat revenue & EPS expectations
Universal Display managed to comfortably beat revenue and EPS expectations in its latest earnings report.
Universal Display (OLED), the aptly named company that manufactures a variety of screens and displays, is among the many companies that shared its latest round of earnings today. It’s good news for investors, as Universal Display was able to top both revenue and earnings expectations.
Universal Display’s Q2 2023 earnings report was shared to its website earlier today. It’s here that we see the company made $146.6 million during the quarter, which clears the $129 million expectation. Universal Display’s earnings-per-share were $1.04, also beating the expectations which came in at $0.75.
“We are pleased with our solid performance and results in the second quarter. Our full year revenue projections are aligning closely to prior expectations, and we have narrowed our guidance accordingly,” said Brian Millard, Vice President and Chief Financial Officer of Universal Display Corporation. “The OLED industry continues to lay the groundwork for promising growth in 2024 and beyond as the OLED IT adoption wave is poised to commence. As a key enabler in the ecosystem, we continue to support the market's growth by leveraging our nearly three decades of innovation and know-how, investing in new and next-generation OLED solutions, and delivering increasing value to our customers.”
Despite the impressive figures, Universal Display’s (OLED) stock was a bit volatile in after-hours trading, though it's currently up nearly nine percent from where it ended the day.
It’s mostly good news for Universal Display (OLED) shareholders, with the stock's value on the rise in after-hours trading. In other financial news, today saw financial behemoths like Amazon and Apple share their own quarterly earnings.
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