AXT, Inc. (AXTI) Cuts Q4 Outlook

AXT, Inc. (NASDAQ: AXTI) announced preliminary revenue results for the fourth quarter 2014.

AXT expects revenue for the fourth quarter 2014 to be approximately $19.5 million, below the company's previously stated guidance of $20.5 million to $21.5 million. The revenue shortfall is primarily attributable to reduced sales as customers worked down their substrate inventory levels at year end.

*** The Street is looking for Q4 revs of $21.1 million.

"While we are disappointed in these preliminary revenue results, we remain confident in our strategy and business opportunity across our key markets in 2015," said Morris Young, chief executive officer.

These preliminary, unaudited results are based on management's initial review of operations for the quarter ended Dec. 31, 2014, and remain subject to completion of the company's customary quarterly closing and review procedures.

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