MicroVision stock tanks after Q1 results, lower sales

MicroVision Inc.
MVIS,
-14.24%
shares fell more than 14% in the extended session Thursday after the laser-scanning technology company reported a wider-than-expected quarterly loss and sales fell. MicroVision said it lost $6.2 million, or 4 cents a share, in the first quarter, compared with a loss of $4.9 million, or 4 cents a share, in the first quarter of 2020. Sales dropped to $500,000 from $1.5 million a year ago. Analysts polled by FactSet expected the company to report a loss of 3 cents a share on sales of $600,000. The company is “on track” on its automotive lidar development program, Chief Executive Sumit Sharma said in a statement. It is planning to share “key performance data” with potential customers, partners and other parties interested in a “strategic transaction,” MicroVision said. A first-generation, long-range lidar sensor, after testing, could be available for sale in smaller quantities later this year, as previously scheduled, the company said. Shares of MicroVision ended the regular trading day down 14%.