Why Shares of AXT Inc. Are Up Today

Shares of semiconductor substrate manufacturer AXT Inc. (NASDAQ: AXTI) jumped on Thursday following the release of the company's second-quarter report. Revenue was ahead of analyst expectations while earnings were in-line, which was enough to send the stock about 9.5% higher by 12:00 p.m. EDT.

AXT reported second-quarter revenue of $23.6 million, up 14.9% year over year and about $1 million higher than the average analyst estimate. AXT CEO Morris Young pointed to record revenue from indium phosphide substrates, as well as improvements in semi-insulating gallium arsenide, semi-conducting gallium arsenide, and germanium substrates, as the main drivers of growth.

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Source: Fool.com