Universal Display (NASDAQ: OLED) reported Q2 EPS of $0.02, $0.28 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $58 million versus the consensus estimate of $74.19 million.

While COVID-19 uncertainties will likely continue to weigh on consumer demand in the near-term, we continue to invest and further strengthen our leadership position in the OLED ecosystem and expect to emerge a stronger partner to our customers and the OLED industry,” said Sidney D. Rosenblatt, Executive Vice President and Chief Financial Officer of Universal Display. “The challenges of this pandemic continued to impact us in the second quarter as customer orders and shipments declined. For the second half of the year, while there is cautious optimism in the industry, we believe significant uncertainties still loom over the consumer and macroeconomic environments. Long-term, we believe that the growth path of OLEDs remains robust.”

Rosenblatt continued, “Broadly speaking, despite the pandemic, OLED activity in the market continues to evolve and progress. We remain encouraged and excited about the level of commercial and development activity in the OLED pipeline. The UDC team continues to do an incredible job of supporting and enabling our customers with the discovery, development and delivery of cutting-edge, energy-efficient, high-performing OLED solutions. We are continuing to invest in, build and expand our robust foundation of best-in-class OLED technologies and are strategically increasing our headcount around the world to meet the growing long-term needs of the company and our customers.”

GUIDANCE:

As a result of the ongoing uncertainties regarding both the scope and duration of the COVID-19 global pandemic, the Company continues to refrain from providing 2020 revenue guidance, which was withdrawn on May 7, 2020.

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