Here's Why Universal Display Stock Crashed on Friday
Shares of Universal Display (NASDAQ: OLED) fell as much as 13.5% on Friday, bouncing off that bottom near 11:15 a.m., EDT. The developer and reseller of technologies and materials for organic light-emitting diode (OLED) panels reported mixed second-quarter results on Thursday evening. Investors shrugged off a solid revenue reading to focus instead on the soft bottom-line result and a relatively modest near-term revenue outlook.
Universal Display's second-quarter sales surged 124% year over year, landing at $130 million. Earnings jumped from $0.02 to $0.85 per share. Your average analyst had been looking for earnings near $0.87 per share on top-line sales in the neighborhood of $127 million.
Looking ahead, management elected to leave its full-year revenue target unchanged at approximately $545 million. Here, the current Street consensus calls for $559 million, just below the top end of the given guidance range.
Source Fool.com
