Shares of Universal Display Corporation (OLED) plummeted by over 12% in pre-market trading on October 31, 2024, after the company reported mixed third-quarter results and lowered its full-year revenue guidance, citing weaker customer order expectations for the fourth quarter.

While Universal Display posted better-than-expected earnings of $1.40 per share for Q3, exceeding analyst estimates, its revenue of $161.6 million fell short of expectations. The revenue miss was overshadowed by the company's revised 2024 revenue guidance range of $625 million to $645 million, down from its previous projections.

Universal Display attributed the lowered outlook to recent updates from customers, who reduced their order forecasts for the fourth quarter due to factors such as macroeconomic concerns, customers re-evaluating inventory levels, and differing sales expectations for certain product models. Despite the near-term challenges, the company remains optimistic about the long-term growth prospects for the OLED market.