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AXTI -15% after cutting Q1 revenue guidance

Published 04/11/2018, 05:37 PM
© Reuters.  AXTI -15% after cutting Q1 revenue guidance
AXTI
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  • AXTI Inc. (NASDAQ:AXTI) -15% after-hours as it lowers its Q1 revenue guidance to $24M-$24.5M from its February outlook of $26M-$27M, citing government ordered factory shutdowns in Beijing caused by severe air pollution that occurred late in the quarter.
  • AXTI says manufacturing companies in the area were intermittently shut down for a total of 10 days between Feb. 27 and March 31, but the company says demand for its compound semiconductor substrates "remains solid."
  • AXTI also says it has completed the first phase of facilitization of the new manufacturing facility in Dingxing, China.
  • Now read: Daqo New Energy to offer 2M ADSs in follow-on offering


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