For many high-growth tech stocks, the bear market of 2022, as vicious as it's been, has simply unwound gains from the last two to three years. The bear has been particularly cruel to Universal Display (NASDAQ: OLED). After peaking in early 2021, the provider of OLED screen materials and licensor of screen manufacturing technology has coughed up more than just a couple of years of gains. The stock is down 39% in the trailing-five-year period.  

Any stock tied to highly cyclical manufacturing businesses is going to exhibit above-average sell-offs. Even the asset-light Universal Display is no exception. And yet, even as investors fret over a weakening market for smartphones that is likely to last into 2023, the company is still growing. Is the stock a buy after a solid third-quarter earnings update?

Companies with an outsize reliance on the smartphone industry have been reporting weak guidance for the fourth quarter and into early 2023. According to leading smartphone chip designer Qualcomm, smartphone unit sales are headed for a percentage drop in the low teens this year compared to 2021.

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Source Fool.com