AXT Q3 revenue jumps 162% on strong customer demand
AXTI•AXT’s third-quarter revenue rose 162% year over year to $73.40 million, beating the $66.01 million analyst estimate. Adjusted net income was $26.80 million, above the $20.72 million estimate.
1. Revenue and earnings
AXT reported third-quarter revenue of $73.40 million, up 162% year over year and above the $66.006 million analyst estimate. Adjusted net income of $26.80 million also beat the $20.72 million estimate, while adjusted gross margin was 56.10%.
2. Demand and capacity
The company said growth was driven by strong customer demand for indium phosphide material. Productivity gains and expanded capabilities for large-diameter products increased its indium phosphide revenue opportunity, and gross margin increased significantly compared with prior periods.
3. No specific guidance
AXT did not provide specific financial guidance for the next quarter or full year in its press release.
