Why Universal Display Stock Soared on Friday
Shares of Universal Display (NASDAQ: OLED) jumped as much as 16.3% higher on Friday morning, easing down to a still-impressive 15.3% gain as of 11:20 a.m. ET. The developer of organic light-emitting display (OLED) technology published its third-quarter results Thursday evening, and the reported figures left analyst estimates far behind.
Your average Wall Street analyst had expected Universal Display to post third-quarter earnings of roughly $0.98 per share on revenue near $148 million. Instead, the company reported 12% year-over-year sales growth to $160.6 million. Earnings rose by 15%, landing at $1.12 per diluted share.
Universal Display collected the highest single-quarter sum of revenue in company history, despite a looming lack of end-user demand for OLED-equipped electronics in the upcoming holiday quarter.
Source Fool.com
