Why Luminar Stock Crashed Today
Luminar Technologies (NASDAQ: LAZR) stock crashed in Wednesday's trading. The company's share price closed out the daily session down 37.4%, according to data from S&P Global Market Intelligence.
Luminar published second-quarter results after the market closed yesterday, and delivered sales and earnings for the period that missed expectations. In addition to the Q2 misses, the company issued guidance that worried the market. With today's big sell-off, the light-detecting-and-ranging (lidar) specialist's stock is now down roughly 74% across this year's trading.
Luminar reported a non-GAAP (adjusted) loss per share of $$0.18 in the quarter, coming in worse than the average Wall Street target by $0.01 per share. Revenue for the period came in at $16.45 million, still up 1.5% year over year but short of the average-analyst target by roughly $3.9 million. Luminar has racked up a string of earnings disappointments, and its forward guidance suggests that underperformance is poised to continue in the near term.
Source Fool.com
