Universal Display Corporation (NASDAQ:OLED) Q1 2024 Earnings Conference Call May 2, 2024 5:00 PM ET
Company Participants
Darice Liu - Senior Director of Investor Relations
Steven Abramson - President and Chief Executive Officer
Brian Millard - Vice President and Chief Financial Officer
Conference Call Participants
Brian Lee - Goldman Sachs
Chris Grenga - Needham & Company
Operator
Good day, ladies and gentlemen, and welcome to Universal Display Corporation's First Quarter 2024 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 conference 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 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 in 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 2, 2024.
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. We're pleased to report strong results for our first quarter of 2024. Revenue was $165 million, operating profit was $63 million, and net income was $57 million, or $1.19 per diluted share.
With a strong start to the year, and all of momentum continuing to build, we are raising a low-end of our annul guidance range. We now believe that our 2024 revenues will be in the range of $635 million to $675 million. As we look to the industry, OLEDs continue to play a more significant role in shaping the future of displays. One nascent segment that is poised for significant growth is the OLED IT. Since the beginning of the year, several device makers announced new OLED IT products, including Asus, HP, Acer, Dell, Razer Blade, MSI. And there are a number of expected new product introductions on the horizon. According to Omdia market research, OLED tablets are expected to increase by more than three-fold year-over-year, growing from 3.7 million units in 2023, to 12.1 million units in '24.