Universal Display announced its financial results for the first quarter of 2024. Total revenues were $165.3 million (up from $130.5 million in Q1 2023), and a net income of $56.9 million (up from $39.8 million).
UDC says it seas meaningful growth opportunities across several verticals: the IT display market, TVs, smartphones, and foldable phones. UDC raised the lower end of its guidance for 2024, now it believes it will be in the range of $635 million to $675 million.
During the conference call, UDC reported it is making excellent progress on its commercial PHOLED blue emitter system, and believes it is still on track to introduce a commercially-ready system later in 2024 - which is good news as earlier reports suggested UDC is facing technical challenges and will delay the introduction.
Disclaimer: the author of this post holds shares in Universal Display
