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AXT Inc of Fremont, CA, USA – which manufactures gallium arsenide (GaAs), indium phosphide (InP) and germanium (Ge) substrates and raw materials at its plants in China – says that for third-quarter 2022 it now expects revenue of $34-35m. This is below the guidance of $39-41m provided on 28 July, due mainly to weakening macroeconomic conditions, particularly in the demand environment in China. This is also down on $39.5m, but compares with $34.6m a year ago.

“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,” says CEO Morris Young. “We are disappointed by the impact to our near-term growth, but we remain confident in our strategy and business opportunity across our key markets,” he adds.

AXT notes that its actual results for third-quarter 2022 are not yet available, have not been audited and may differ materially from the preliminary estimates above, which are not a comprehensive statement of its financial results and are not necessarily indicative of the results to be expected for fiscal 2022 or any future period.

The firm will discuss its full Q3/2022 results on 27 October.

AXT’s Q2 revenue up 17% year-on-year

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