Vuzix Corp Down 13.78% To $2.62 After Earnings Miss

Vuzix Corp (VUZI) said after close Thursday that it lost $0.17 per share in quarter three 2023.

On the revenue line, the company reported $2.2 million, missing estimates by $2.6 million.

In the same quarter a year ago, the company lost $0.15 per share on revenue of $3.4 million.

The stock is down 13.78% to $2.62 after the report.

Despite Vuzix Corp reporting a decline in revenues, earnings increased signaling a rise in profit margins.

The average recommendation from Wall Street analysts was a Buy which may get revised based on this new data.

Trading in the five days leading up to the report earned Vuzix Corp a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 42. Meanwhile, the average Wall Street analyst rated the stock a Buy.

Vuzix Corp is a supplier of Smart Glasses and Augmented Reality (AR) technologies and products for the consumer and enterprise markets. The company's products include personal display and wearable computing devices that offer users a portable viewing experience, provide solutions for mobility, wearable displays and augmented reality. The company holds approximately 244 patents and patents pending and numerous IP licenses in the Video Eyewear field.