Upbeat Earnings Drives Up AXT Shares

Shares of AXT, Inc. (AXTI), a manufacturer of compound semiconductor wafer substrates, are up more than 22% Friday morning after reporting better-than-expected earnings in the second quarter.

Net income for the second quarter was $5.5 million, or $0.13 per share, higher than $4.4 million or $0.10 per share a year ago.

Excluding special items, earnings were $6.7 million, or $0.16 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.08 per share.

Revenue for the quarter was $39.5 million, compared with $33.7 million last year.

AXTI is at $8.63 currently. It has traded in the range of $4.97-$10.52 in the past 52 weeks.

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