Shares of Universal Display Corporation (NASDAQ:OLED) plummeted 5.03% on Tuesday, amid mixed third-quarter 2024 financial results. While the company's earnings of $1.40 per share beat analyst estimates of $1.20, its revenue of $161.627 million fell short of the expected $165.058 million.
Though the stronger-than-anticipated earnings were a positive sign, the revenue miss appeared to rattle investors. Companies not meeting sales expectations can negatively impact market sentiment, as revenue growth is a key metric of a firm's health and future prospects.
Universal Display's Q3 revenue marked a 14.57% year-over-year increase, but the figure still fell short of consensus forecasts. The revenue shortfall overshadowed the company's 29.63% rise in earnings per share from the prior year.
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