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Universal Display (OLED) Stock Slides on Q2 Miss, 2016 Guidance

NEW YORK (TheStreet) -- Shares of Universal Display (OLED) were dropping 11.8% to $61.96 on heavy trading volume mid Friday morning after the company reported 2016 second quarter results, missing on both earnings and revenue.

Following Thursday's closing bell, the Trenton, NJ-based organic light-emitting diode technology producer reported adjusted earnings of 46 cents per share, below consensus of 51 cents per share.

Revenue for the period was $64.4 million, up 10.8% year-over-year but missing estimates of $69.51 million.

Universal Display is projecting revenue of $190 million to $200 million for the...