Why Material Science Company AXT Shares Are Shooting Up Premarket Today
Portfolio Pulse from Lekha Gupta
AXT, Inc. (NASDAQ:AXTI) shares surged premarket after reporting Q4 financial results that exceeded expectations. Revenue reached $20.4 million, surpassing the consensus of $17.6 million and showing improvement from previous quarters. Adjusted operating expenses decreased, and the company noted a widening operating loss. Despite a year-over-year decline in adjusted EPS, AXTI highlighted a recovery in its markets, particularly in demand for indium phosphide for AI and fiber optic applications, expecting AI to drive future demand.
February 23, 2024 | 12:51 pm
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AXT, Inc. reported better-than-expected Q4 results with revenue of $20.4 million, surpassing estimates and showing growth from previous quarters. The company also highlighted a positive outlook in AI and fiber optics markets.
AXT, Inc.'s premarket share price surge is directly attributed to its Q4 financial performance exceeding expectations, with significant revenue growth and a positive market outlook, especially in AI and fiber optics. The reported decrease in operating expenses and the strategic focus on high-demand areas like AI indicate a strong potential for future growth, positively impacting investor sentiment in the short term.
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