Universal Display Corp (NASDAQ:OLED) Q1 2022 Earnings Conference Call May 5, 2022 5:00 PM ET

Company Participants

Darice Liu - Director, IR & Corporate Communications

Steven Abramson - President, CEO & Director

Sidney Rosenblatt - EVP, CFO, Treasurer, Secretary & Director

Conference Call Participants

Kinney Chin - Cowen and Company

Christopher Muse - Evercore ISI

Sidney Ho - Deutsche Bank

Mehdi Hosseini - Susquehanna Financial Group

Atif Malik - Citigroup

Brian Lee - Goldman Sachs Group

Operator

Good day, ladies and gentlemen, and welcome to Universal Display's first quarter 2022 Earnings Conference Call. My name is Sherry, and I will be your conference moderator for today's call. [Operator Instructions].

I would now like to turn the 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 Sid Rosenblatt, Executive Vice President and Chief Financial Officer.

Before Steve begins, let me remind you that 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 expressed 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 5, 2022. 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 would like to turn the call over to Steve Abramson.

Steven Abramson

Thanks, Darice, and welcome to everyone on today's call. We are pleased to report that revenue in the first quarter of 2022 was $150.5 million. Operating profit was $62.3 million and net income was $50 million or $1.05 per diluted share. The adoption of OLED continues to increase in a myriad of applications, including AR/VR, smartphones, foldables, IT, TVs and automotive.