Universal Display Stock Is Soaring Today -- Here's Why
Shares of Universal Display (NASDAQ: OLED) put on a colorful show in high resolution Friday morning, rising by as much as 14.5%. That surge was sparked by the impressive second-quarter report that the energy-efficient displays and lighting technologist released after the market closed Thursday afternoon.
Universal Display's revenues rose 7.3% year over year in the second quarter, landing at $147 million. Earnings jumped 20% to $1.04 per diluted share. Your average Wall Street analyst would have settled for earnings of roughly $0.75 per share on sales near $129 million. This wasn't a close call -- the organic light-emitting diode (OLED) specialist smashed those consensus estimates by a wide margin.
Management also lifted the bottom end of its full-year revenue guidance by 2%. The midpoint of its new 2023 revenue guidance range is $580 million.
Source Fool.com
