Universal Display reported its financial results for Q3 2023, with revenues of $141 million (down from $161 million last year) and a net income of $52 million (slightly down from 2022). At the end of the quarter, UDC had $779 in cash and equivalents, and the company updated its guidance for 2023, with revenues to be in the range of $565 million to $590 million.
UDC is optimistic about the near future in the OLED industry, citing market reports that suggest increased demand and production for foldable smartphones and laptops, IT OLED displays, OLED TVs and automotive OLED displays.
UDC also continues to believe that it is on track to introduce its blue PHOLED materials into the commercial market in 2024.
Disclaimer: the author of this post holds shares in Universal Display