Luminar Technologies (NASDAQ:LAZR) The stock plummeted in Wednesday trading. According to data from S&P Global Market Intelligence, the company’s share price closed the day’s session down 37.4 percent.
Luminar released its second-quarter results after the market closed yesterday, delivering revenue and profit for the period that fell short of expectations. In addition to the second-quarter misses, the company issued a forecast that unsettled the market. Today’s major sell-off has now seen the light detection and ranging (lidar) specialist’s stock fall by around 74% in all of this year’s trading.
Luminar misses quarterly results again
Luminar reported a non-GAAP (adjusted) loss per share of $0.18 for the quarter, $0.01 per share below Wall Street’s average target. Revenue for the period was $16.45 million, which, while still up 1.5% year over year, was about $3.9 million below the average analyst target. Luminar has amassed a string of disappointing earnings, and forecasts suggest that underperformance will continue in the near future.
Luminar’s growth engine appears to be stalling
For the third quarter, Luminar expects revenue to be equal to or slightly above the second quarter. Given that the company’s revenue performance in the last quarter was already well below Wall Street’s expectations, it’s not surprising that investors are not happy with this forecast.
Luminar’s business is growing slowly and the company’s margins are disappointing. With signs that the production phase will be further delayed, investors see little chance of higher profits in the near future.
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Keith Noonan does not own any stocks mentioned. The Motley Fool does not own any stocks mentioned. The Motley Fool has a disclosure policy.
Why Luminar Stock Crashed Today was originally published by The Motley Fool
