Shares of semiconductor substrate manufacturer AXT Inc. (NASDAQ: AXTI) jumped on Thursday following the company’s fourth-quarter report. Revenue and earnings rose on a year-over-year basis, beating analyst estimates substantially. The stock was up 14% at 2:45 p.m. EST.
AXT reported fourth-quarter revenue of $20.3 million, up 12.3% year over year and about $1.2 million higher than the average analyst estimate. Full-year revenue was $81.3 million, up from $77.5 million in 2015. CEO Morris Young pointed to diversification as a key driver of the company’s growth.