Universal Display Corporation is engaged in the research, development and commercialization of organic light emitting diode (OLED), technologies and materials. OLEDs are thin, lightweight and power-efficient solid-state devices that emit light, making them suitable for use in full-color displays and as lighting products. Its OLED, technologies and materials are used in displays for smartphones, tablets and televisions as well as solid-state lighting applications. The Company sells its OLED materials to customers for evaluation and uses in commercial OLED products. Phosphorescent OLEDs utilize specialized materials and device structures that allow OLEDs to emit light through a process known as phosphorescence.