Universal Display Corporation announced its financial results for the first quarter ended March 31, 2018. Total revenue for Q1 2018 was $43.57 million, a decrease of 22%, compared to $55.56 million in Q1 2107. This decline in revenues was primarily driven by lower material sales. Net income for Q1 2018 was $5.95 million, a decrease of 42.6%, compared to $10.36 million in Q1 2017.
In Q1 2018, Material sales revenues declined by 46% and revenues decreased to $25.25 million from $46.63 million compared to Q1 2017 due to weaker demand for OLED panels and inventory pre-purchases made in 2017. On the other hand, revenue from royalty and licence fees increased to $15.91 million in Q1 2018, up 126%, compared to $7.02 million in Q1 2017.
In its revised guidance for fiscal 2018, UDC said that it expects this years revenues to be in the range of $280 million to $310 million.
