AXT Shares Plunge 9% Following Preliminary Q3 Revenue Announcement
2022.10.03 18:23
© Reuters. AXT Shares Plunge 9% Following Preliminary Q3 Revenue Announcement
By Davit Kirakosyan
AXT, Inc. (NASDAQ:) shares were trading more than 9% lower after-hours following the company’s announced Q3 preliminary revenue figures.
The company expects preliminary Q3 revenue to be in the range of $34-$35 million, down from the previous (provided on July 28, 2022) guidance range of $39-$41 million. The adjustment was primarily attributable to weakening macroeconomic conditions, particularly in the demand environment in China.
“Though we continue to feel confident about our participation in a number of exciting technology trends and Tier-1 opportunities, our business is not immune to the effects throughout the supply chain of a deteriorating macroeconomic environment,” said Morris Young, CEO of the company.
