Shares of Universal Display (OLED) plummeted 8.18% in Thursday's trading session following the release of its third-quarter financial results, which fell short of analyst expectations.

The company reported Q3 revenue of $139.6 million, significantly below the IBES estimate of $163.9 million. This substantial miss likely disappointed investors and triggered the sell-off. Universal Display's net income for the quarter stood at $44 million, with an operating income of $43.1 million and a gross margin of 75%.

Despite the disappointing quarterly results, Universal Display maintained its full-year revenue outlook at $650-700 million. However, the market's reaction suggests that investors are concerned about the company's ability to meet these projections given the weaker-than-expected Q3 performance. The sharp decline in stock price reflects growing uncertainty about Universal Display's near-term growth prospects in the competitive OLED technology market.