(Updates with the latest stock movement in the first paragraph and headline.)

Universal Display's (OLED) shares were up roughly 11% in Friday trading after the company announced a new $400 million stock repurchase plan and reported Q1 results.

The company reported Q1 earnings late Thursday of $0.76 per diluted share, down from $1.35 a year earlier.

Analysts polled by FactSet expected $1.16.

Revenue for the quarter ended March 31 was $142.2 million, down from $166.3 million a year earlier.

Analysts surveyed by FactSet expected $161.2 million.

The company lowered its 2026 revenue guidance to $630 million to $670 million from the prior forecast of $650 million to $700 million. Analysts surveyed by FactSet expect $673.6 million.

Universal Display kept its quarterly dividend at $0.50 a share, payable June 30 to holders of record June 16.

The board also authorized a new share repurchase program of up to $400 million.

Price: 96.56, Change: +9.47, Percent Change: +10.87