Pandemic Sent Universal Display's Q2 Revenue Plunging 51%

COVID-19 dealt Universal Display a significant Q2 blow, with revenue down 48% from Q1 and 51% from the 2019 quarter, said CEO Steve Abramson on a Thursday call. The OLED materials and technology supplier's customer orders and shipments declined, he said: “While COVID-19 uncertainties will likely weigh on consumer demand in the near term, we continue to invest and further strengthen our leadership position in the OLED ecosystem.” OLED’s long-term growth path is “unchanged and remains robust,” he said. Customers are expressing “cautious optimism” about 2020's second half, fueled by a “pickup in demand” in July, he said. But “significant uncertainties still loom,” and it’s “prudent” that Universal continues to refrain from giving 2020 guidance, he said. Despite the significant increase in July orders and shipments, "the real question is whether it is sustainable," said Chief Financial Officer Sid Rosenblatt.