MicroVision, Inc. (NASDAQ:MVIS) shares were trading nearly 10% lower today after the company reported worse-than-expected first-quarter EPS and sales results. Shares actually parred those losses as the session went on and closed the day up 2 cents.
MicroVision reported quarterly losses of 8 cents per share which missed the analyst consensus estimate of a loss of 7 cents. The company reported quarterly sales of $400,000 which missed the analyst consensus estimate of $720,000. This sales figure represents a 16.49% decrease over sales of $479,000 in the same period last year.
"We made significant progress in the first quarter of 2022. We track-tested our integrated Long-Range Lidar sensor and perception software, demonstrating promising ground-truth data of our high-fidelity/low-latency solution at speeds of over 60 mph," said Sumit Sharma, MicroVision's Chief Executive Officer.
"We continue to receive positive feedback and interest from automotive OEMs and Tier 1 suppliers for our best-in-class product with cost advantages."
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Microvision is engaged in developing a lidar sensor to be used in automotive safety and autonomous driving applications.
According to data from Benzinga Pro, MicroVision has a 52-week high of $28.00 and a 52-week low of $2.61.
