AXT Shares Plunge 9% Following Preliminary Q3 Revenue Announcement

AXT, Inc. (NasdaqGS: AXTI) 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.

By Davit Kirakosyan

You May Also Be Interested In

• AXT appoints Tracy Liu to its board of directors
• These 2 chipmakers are key beneficiaries of power semis: Bernstein
• Macquarie names this Japanese retailer as a top pick, doubles price target