Shares of AXT (NASDAQ: AXTI) tanked in after-hours trading on Monday after the material science company announced that it expects preliminary Q3 revenues to be between $34 million and $35 million.
This is below the company’s earlier stated guidance of revenues in the range of $39 million to $41 million and again fell short of consensus estimates of $39.97 million.
Morris Young, AXT’s CEO, commented, “Though we continue to feel confident about our participation in a number of exciting technology trends and Tier-1 opportunities, our business is not immune to the effects throughout the supply chain of a deteriorating macroeconomic environment.”
AXT is expected to announce its Q3 results on October 27.
