Universal Display Corporation (NASDAQ:OLED) Q1 2023 Earnings Conference Call May 3, 2023 5:00 PM ET
Company Participants
Darice Liu - Senior Director-Investor Relations
Steven Abramson - President and Chief Executive Officer
Brian Millard - Vice President, Chief Financial Officer and Treasurer
Conference Call Participants
Brian Lee - Goldman Sachs
Sydney Ho - Deutsche Bank
Mehdi Hosseini - SIG
Nam Kim - Arete Research
Christopher Grenga - Needham & Company
Martin Yang - Oppenheimer
Operator
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's First Quarter 2023 Earnings Conference Call. My name is Paul, and I will be your conference moderator for today's call. [Operator Instructions] As a reminder, this conference is being recorded for replay purposes.
I would now like to turn the conference call over to Darice Liu, Senior Director of Investor Relations. Please proceed.
Darice Liu
Thank you, and good afternoon, everyone. Welcome to Universal Display's First Quarter Earnings Conference Call. Joining me on the call today are Steve Abramson, President and Chief Executive Officer; and Brian Millard, Vice President and Chief Financial Officer.
Before he begins, let me remind you today's call is a property of Universal Display. Any redistribution, retransmission or rebroadcast of any portion of this call in any form without the express or written consent of Universal Display is strictly prohibited.
Further, this call is being webcast live and will be made available for a period of time on Universal Display's website. This call contains time-sensitive information that is accurate only as of the date of the live webcast of this call May 3, 2023.
During this call, we may make forward-looking statements based on current expectations. These statements are subject to a number of significant risks and uncertainties, and our actual results may differ materially. These risks and uncertainties are discussed in the company's periodic reports filed with the SEC and should be referenced by anyone considering making any investments in the company's securities.
Universal Display disclaims any obligation to update any of these statements. Now I'd like to turn the call over to Steve Abramson.
Steven Abramson
Thanks, Darice, and welcome to everyone on today's call. For the first quarter of 2023, we reported revenue of $130 million, operating profit of $45 million and net income was $40 million or $0.83 per diluted share. Macro uncertainties continue to linger and weigh on near-term demand. However, we remain confident in the long-term growth path of OLEDs in addition to the significant IT adoption cycle that is expected to commence next year. OLED activity is increasing in several segments of the consumer electronics.