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Universal Display Corporation Reports Q2 Miss, Lowers 2022 Outlook

Universal Display Corporation (NASDAQ:OLED) reported its Q2 results, with EPS of $0.87 coming in worse than the Street estimate of $1.05. Revenue was $136.6 million, missing the Street estimate of $152.43 million.
Analysts at Deutsche Bank provided their views on the company following the results, mentioning that the company is facing the impact of a sharp correction in consumer IT products.
Increasing macro uncertainties drove the company’s largest customers to reduce orders through the quarter, and prompted it to lower its 2022 revenue outlook. The company expects 2022 revenue to be in the range of $590-610 million, compared to the Street estimate of $630.45 million.
While headwinds from weaker smartphones/TVs were to be somewhat expected, the analysts believe the full-year guidance implies growth in H2/22, mainly due to new product releases across the industry. The analysts lowered their price target to $140 from $150, while maintaining their Buy rating.

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