AXT (AXTI) reported preliminary Q4 revenue of $22.5 million to $23.5 million, trailing estimates, after fewer-than-expected export control permits for indium phosphide were issued by China's Ministry of Commerce.
Analysts surveyed by FactSet forecast $28.8 million. Previous company guidance was $27 million to $30 million.
"We continue to work diligently with the Ministry of Commerce on the export permit process and are hopeful that we will receive additional permits" in Q1, AXT CEO Morris Young said Thursday in a statement.
The company plans to report full Q4 results on Feb. 19.
AXT shares tumbled 30% in after-hours trading.