Press release
Universal Display Corporation Announces Second Quarter 2020 Financial Results
EWING, N.J.--(BUSINESS WIRE)-- Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED®
About this update from Universal Display Corporation
[{"type":"text","content":" EWING, N.J.--(BUSINESS WIRE)--\nUniversal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED® technology and materials, today reported financial results for the second quarter ended June 30, 2020.\n\n\n“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.”\n\n\nRosenblatt 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.”\n\n\nFinancial Highlights for the Second Quarter of 2020\n\n\n\nTotal revenue in the second quarter of 2020 was $58.0 million as compared to $118.2 million in the second quarter of 2019. The decrease in revenue was mainly due to the weakened demand for emitter product from our customers as a result of the COVID-19 pandemic, as well as the impact of the advanced purchases that were fulfilled in the prior quarter in anticipation of potential supply disruptions from the pandemic and inventory management efforts by our customers to minimize the effects of potentially heightened trade tensions between the governments of China and the United States. The ultimate full extent of the im...