Microvision Down 2.24% To $1.97 After Earnings Miss

Microvision (MVIS) said after close Wednesday that it lost $0.12 per share in quarter three 2023.

On the revenue line, the company reported $1 million, missing estimates by $453 thousand.

In the same quarter a year ago, the company lost $0.08 per share on revenue of $0.00.

The stock is down 2.24% to $1.97 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Hold on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 46. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Microvision Inc is engaged in developing a lidar sensor to be used in automotive safety and autonomous driving applications. Its lidar sensor uses laser beam scanning (LBS) technology, which is based on systems that include micro-electrical mechanical systems (MEMS), laser diodes, optomechanics, electronics, algorithms, and software. The company has also developed solutions for Augmented Reality, Interactive Displays, and Consumer Lidars.