Shares of Universal Display Corporation (OLED) plummeted by 7.46% 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.

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, driven by factors such as macroeconomic concerns in certain geographies, customers re-evaluating inventory levels, and differing sales expectations for certain product models.