FREMONT, Calif. (AP) — FREMONT, Calif. (AP) — AXT Inc. (AXTI) on Thursday reported second-quarter net income of $11.1 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Fremont, California-based company said it had net income of 17 cents. Earnings, adjusted for stock option expense, came to 19 cents per share.
The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 7 cents per share.
The semiconductor materials supplier posted revenue of $47.6 million in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $34.1 million.
AXT shares have nearly tripled since the beginning of the year. In the final minutes of trading on Thursday, shares hit $46.94, climbing twenty-twofold in the last 12 months.
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