What happened

Shares of Universal Display (OLED -1.11%) jumped as much as 16.3% higher on Friday morning, easing down to a still-impressive 15.3% gain as of 11:20 a.m. ET. The developer of organic light-emitting display (OLED) technology published its third-quarter results Thursday evening, and the reported figures left analyst estimates far behind.

So what

Your average Wall Street analyst had expected Universal Display to post third-quarter earnings of roughly $0.98 per share on revenue near $148 million. Instead, the company reported 12% year-over-year sales growth to $160.6 million. Earnings rose by 15%, landing at $1.12 per diluted share.

Universal Display collected the highest single-quarter sum of revenue in company history, despite a looming lack of end-user demand for OLED-equipped electronics in the upcoming holiday quarter.

Now what

Looking ahead, Universal Display's management said that near-term demand may be modest and unpredictable as the global economy goes through an inflationary crisis. However, panel manufacturers such as Samsung and LG Display (LPL -0.67%) continue to expand their OLED-building facilities in order to keep up with anticipated long-term growth trends. The current flow of OLED panel orders for smartphones and television sets will be followed by information technology products, like laptops and desktop monitors.

So the secular growth story in front of Universal Display is as robust as ever. As a longtime shareholder, I'm happy with the company's business performance and tempted to add to my Universal Display position while share prices are low. Including Friday's sudden price jump, the stock is still trading 45% lower year to date.