MicroVision shares plunge 21% after first-quarter profit miss

MicroVision shares plummet 21% after losing first quarter profit

Business News: MicroVision shares plunge 21% after first-quarter profit miss.

MVIS is expected to report first quarter 2021 results on April 29. For the quarter to report, Zacks’ consensus estimate for revenue is set at $ 750,000 indicating a 49% drop from the figure reported in the quarter a year ago. Furthermore, the consensus sign for the first quarter loss has remained stable at 2 cents over the past 30 days. The company reported a loss of 4 cents in the quarter a year ago.

In the fourth quarter of 2020, MicroVision generated $ 395,000 in revenue. Additionally, the company’s net loss was 2 cents compared to a 3 cent loss in Q4 2019.

In February 2021, MicroVision announced that the company collected all vital equipment and components to complete A-samples of its long-range Lidar (LRL) sensor by April 2021 as planned. The company expects the first-generation LRL sensor to have a range of at least 250 meters. The sensor is expected to accelerate the development of level 3 (L3) autonomous driving and level 4 (L4) autonomous driving capabilities.

MicroVision also added that the company is conducting outdoor testing of the vital performance features of the LRL sensor on its development platform. “We expect a version of this first generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, will be available for sale, in initial quantities, in the third or fourth quarter of 2021 as previously reported, “said Sumit Sharma, CEO of MicroVision.

Shares of Microvision fell 21.17% to $ 14.19 in Wednesday’s out-of-hours session after plunging 14.24% in regular hours to $ 18. This revolutionary technology is expected to generate $ 327.5 in 2021. billions in revenue. Now Shark Tank star and billionaire investor Mark Cuban says artificial intelligence will create “the world’s first trillion dollars.” Zacks’ Urgent Special Report Reveals 3 AI Choices Investors Need To Know About Today.