Why Innoviz Technologies Stock Was Up This Week
Shareholders of Innoviz (NASDAQ: INVZ) have had a good week. The stock rose 13% through early Friday trading compared to a 2% boost in the S&P 500. This rally only removed a portion of recent losses, though. The stock is down 28% in 2023, according to data provided by S&P Global Market Intelligence, compared to the wider market's 10% increase.
This week's rally was sparked by the auto tech specialist's latest quarterly report, covering the selling period that ran through late March.
Innoviz saw much weaker sales for its computer-vision tech products. Its Wednesday earnings announcement showed a 43% sales decline, which management attributed mostly to a shift in the way that one large customer has been purchasing its products. Operating expenses grew at the same time, leading to an increase in net losses to $35 million from $30 million.
Source Fool.com
