Universal Display Corp. (PANL) reported a loss for the third quarter, compared to a profit in the same period last year. Third-quarter loss was driven mainly by lower revenues. The company also lowered its revenues outlook for the fiscal year 2012. Following the announcement, the company's shares plunged more than 30 percent in the after-market hours.
Net loss for the quarter was $5.5 million or $0.12 per share, compared to a profit of $6.0 million or $0.12 per share in the same period last year.
On average, 13 analysts polled by Thomson Reuters expected the company to earn $0.05 per share for the quarter.
Revenues totaled $12.5 million, down from $21.8 million last year. Analysts expected revenues of $18.87 million.
Looking ahead to the fiscal year 2012, the company lowered its revenues outlook to a range of $80 million to $82 million. This compares to the previous range of $90 million to $110 million.
Analysts currently expect the company to report full-year revenues of $99.79 million.
Universal Display closed Wednesday's trade at $28.18, down 12.13%. Shares further plunged 30.80% to $19.50, losing $8.68 in the extended trade on the Nasdaq.
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