1 Soaring Semiconductor Stock on a Big Development Breakthrough
Shares of Universal Display (NASDAQ: OLED) are running higher once again following a solid mid-year 2023 update. The company, a key patent holder and material supplier for ultra-high-definition OLED screens, is still working through difficult economic conditions. However, its outlook for 2024 continues to strengthen thanks to a breakthrough in its materials development and an upcoming growth catalyst. Here's what investors need to know.
Universal Display (UDC) reported solid Q2 2023 financials, with revenue growing 7% year over year to $147 million and net income up 20% to $49.7 million. It was also a solid sequential rise over the first quarter ($131 million revenue and $39.8 million net income), a further sign that consumer electronics demand is finally starting to rebound.
But what of this breakthrough? UDC has been talking for a really long time about blue phosphorescent organic light emitting diodes (PHOLED) to complement its current lineup of red, yellow, and green PHOLED emitters used in OLED smartphone, TV, and tablet displays. Blue is finally getting ready for commercialization. According to CEO Steven Abramson on the last earnings call:
Source Fool.com
