Universal Display Corporation (NASDAQ:OLED) Q3 2023 Earnings Conference Call November 2, 2023 5:00 PM ET
Company Participants
Darice Liu - Senior Director-IR
Steven Abramson - President and CEO
Brian Millard - VP and CFO
Conference Call Participants
Brian Lee - Goldman Sachs
Chris Grenga - Needham and Company
Martin Yang - Oppenheimer and Company
Operator
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's Third Quarter 2023 Earnings Conference Call. My name is Sherry 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 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 third 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 Steve 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 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, November 2, 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 third quarter of 2023, we reported revenue of $141 million, operating profit of $48 million, and net income was $52 million, or $1.08 per diluted share. For the year, we are further narrowing our revenue guidance range. Our updated range is $565 million to $590 million.
As we look ahead, the OLED industry has multiple market verticals driving its long-term growth path. A significant shift in the world of technology is occurring with the introduction of conformable, foldable, and rollable consumer electronics, and OLEDs are fuelling this form factor revolution. Since our inception, UDC has envisioned a future where OLEDs enable flexible displays to become part of the everyday life of consumers around the world.