Universal Display's stock surged 13.09% during Friday's intraday trading session following significant corporate announcements from the company.
The sharp price increase came after Universal Display announced a new $400 million stock repurchase plan and reported its first-quarter financial results. While the Q1 earnings of $0.76 per diluted share and revenue of $142.2 million both declined year-over-year and missed analyst expectations, investors responded positively to the substantial share buyback authorization.
The company's board authorized the new repurchase program of up to $400 million, which appears to have outweighed concerns about the quarterly performance and lowered full-year revenue guidance. Universal Display also maintained its quarterly dividend at $0.50 per share.