Universal Display reported its financial results for Q2 2020. The COVID-19 pandemic continued to impact UDC, as customer orders and shipments declined. UDC reports $58 million in revenues (down from $112 million in Q1 2020 and $118 million in Q2 2020) and a net income of $800,000. Part of the reason for the revenue drop were two orders made in Q1 (worth $44 million) as safety-stock due to the trade concerns and COVID-19 uncertainties.
While the second quarter was very disappointing for UDC, the company reports that demand has picked up in July (the first month of Q3) as customer orders increased. There are still "significant uncertainties" ahead and the company will not provide any guidance until visibility improves.