Why Luminar Stock Surged Today

Luminar (NASDAQ: LAZR) stock posted big gains in Tuesday's trading following the publication of the company's latest quarterly results and the announcement of a new deal. The lidar technology specialist's share price closed out the daily session up 10.8% and had been up as much as 15.7% earlier in the day's trading.

Luminar published its third-quarter results after the market closed yesterday, reporting sales that came in below expectations and a lower-than-anticipated loss. In conjunction with the earnings release, the company also announced that it had secured new contracts with Volvo and a major Japanese automaker.

Luminar posted a non-GAAP (adjusted) loss per share of $0.16 per share on sales of $15.49 million in the quarter. The company's loss was in line with Wall Street's expectations, but sales fell significantly short of the average analyst estimate's call for sales of $19.06 million.

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Source Fool.com