Universal Display reported its financial results for Q1 2018. Revenues were $43.6 million, and net income was $6 million. These results were lower than the company expected, due to a slowdown in the premium smartphone market, the company's new accounting standard and the inventory pre-purchase the company reported in Q4 2017.
UDC is revising its 2018 guidance lower, to $280 million to $310 million. UDC expects the OLED market to remain week in the second quarter, but sees a pickup in OLED demand in the second half of 2018. In 2019, UDC expects significant growth to resume.