OLED technology company Universal Display told investors on Thursday that impact of Coronavirus could hurt its 2020 revenue.
The company, which supplies components to a range of device manufacturers such as Apple, indicated that its annual revenue will come in $40 million to $50 million lower - than originally expected – due to the virus.
CFO Sidney Rosenblatt said that the company expects 2020 revenues to continue to grow; but also warned that uncertainties related to coronavirus (2019-nCoV) is expected to affect material orders.
For the December quarter, Universal Display reported earnings of 56 cents (which was lower than analyst forecasts of 74 cents per share). Its revenue at $101.7 million was in line with analysts’ expectations.
The company lowered its annual sales guidance to between $430 million to $470 million.