AXT, Inc. (NASDAQ: AXTI) reported Q3 EPS of $0.02, $0.01 better than the analyst estimate of $0.01. Revenue for the quarter came in at $23.1 million versus the consensus estimate of $21.8 million.

Separately, the company announced a program authorizing the repurchase of up to $5 million of the company's common stock.

"The third quarter was a positive quarter for AXT," said Morris Young, chief executive officer. "Revenue came in ahead of our expectations, and we achieved another quarter of profitability through improved gross margins and tight expense control. Further, we are diversifying our customer base throughout our product portfolio and are pleased to be gaining traction in several areas that have been a strong focus of our sales efforts. The changes in the gallium arsenide landscape over the past two years have had an adverse impact on our business. However, these changes are finally beginning to settle and new applications for our products are emerging across our substrate portfolio. I am very pleased to have a strong team in place with the expertise to maximize our potential as we evolve our business to meet new opportunities.

For earnings history and earnings-related data on AXT, Inc. (AXTI) click here.