AXT Inc. reports Q1 EPS (6c), consensus (13c)

Reports Q1 revenue $19.41M, consensus $20.06M. "As expected, revenue took a step back in Q1 as a result of the inventory correction that we began to see late last summer," said Morris Young, chief executive officer. "Despite lower revenues, we feel confident in our market position and strong customer relationships. We have continued to focus on manufacturing efficiencies, and are having increasing success in our recycling efforts, which benefitted our gross margin performance. As we look forward, we believe that the trends that have driven our revenue and customer expansion remain intact. We continue to excel in our technical capabilities and are readying our business to support new applications and future growth. Further, we continue to work towards improving our efficiency, and are focusing on accelerating our return to profitability."