Shares of Universal Display Corporation (OLED) plummeted 8.45% in after-hours trading on October 30, 2024, after the company reported mixed third-quarter financial results and lowered its full-year revenue guidance.
While OLED posted better-than-expected earnings of $1.40 per share for Q3, its revenue of $161.6 million fell short of analyst consensus estimates of around $165 million. The revenue miss overshadowed the company's 29.63% year-over-year increase in earnings per share.
More concerning for investors was OLED's revised 2024 revenue guidance range of $625 million to $645 million, down from its previous projections. The company cited recent updates to customer order expectations for the fourth quarter as the reason for the lowered outlook, but did not provide further details on the specific factors behind the weaker order visibility.
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