Why Luminar Technologies Stock Zoomed 32% Higher Today
Next-generation auto sensor specialist Luminar Technologies (NASDAQ: LAZR) was a pacesetter on the stock exchange as the trading week came to a close on Friday. Investors couldn't get enough of the company following the release of its latest set of financials, to the point where the share price closed up a whopping 32% on the day. This compared very favorably to the S&P 500's (SNPINDEX: ^GSPC) marginal rise.
Luminar, which concentrates on visualization products built around laser-based LiDAR technology, reported its fourth-quarter and full-year 2024 results after market close Thursday.
For the former period, Luminar booked $22.5 million in revenue, a figure that was 2% higher than that of the same quarter of 2023. It also managed to narrow its non-GAAP (generally accepted accounting principles) adjusted net loss; this came in at just under $50 million ($1.42 per share), against the year-ago deficit of nearly $79 million.
Source Fool.com
