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Universal Display (OLED) Q3 2023 earnings results miss revenue estimates, beat EPS expectations

Universal Display remains confident in overall year projections after reporting its results for Q3 2023.

Donovan Erskine

November 2, 2023 1:35 PM

Universal Display

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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.

Donovan Erskine

News Editor

Donovan is a journalist from Maryland. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge film fanatic and will talk with you about movies and games all day. You can follow him on twitter @Donimals_