share. The positive price change immediately placed AXT among the NASDAQ biggest percentage increases.Along with the price, the traded volume also rose up tremendously to exceed 1.5 million shares for the day. This is a huge success for AXT as compared to its average volume of 538 thousand shares traded.[BANNER]
Obviously, the sudden stock price move was due to the latest announcement by the company. According to it, the revenue of AXT has increased by 77% during the second quarter of this year. The company also reported that its net income totaled $5.5 million, which is 0.17 profit per share. Though AXT has suffered a net loss, this year’s results beat the analysts’ expectations.
After the financials were announced, the investors’ interest was successfully provoked, which immediately reflected on the stock price movement.
AXT, Inc. designs and manufactures high-performance compound semiconductor substrates. Historical data shows that the company has traded lower during the last 12 months, however the stock is currently moving up. It seems the market is in bullish mood for AXT.
Presently, there is no more news on the company’s business. Though, AXT claims it is highly satisfied with its financials and expects even a higher profit in the second half of the year. The results will be seen after September 30, 2010.
