FREMONT, Calif. (AP) — FREMONT, Calif. (AP) — AXT Inc. (AXTI) on Thursday reported third-quarter net income of $25.7 million, after reporting a loss in the same period a year earlier.
The Fremont, California-based company said it had profit of 39 cents per share. Earnings, adjusted for stock option expense, came to 41 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.
The semiconductor materials supplier posted revenue of $73.4 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $66.1 million.
AXT shares have more than tripled since the beginning of the year. In the final minutes of trading on Thursday, shares hit $60.88, increasing eightfold in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AXTI at https://www.zacks.com/ap/AXTI
