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By Stephen Nakrosis
Shares of lidar company Ouster were trading higher on Friday, a day after the company reported its third-quarter financial results and said revenue in the period exceeded its guidance.
At 2:22 p.m. EST, the company’s stock was trading 23% higher at $5.08 per share. Volume at the time topped 1.6 million shares, above its 65-day average volume of 617,553 shares.
After the bell Thursday, Ouster reported a loss per share of 89 cents on revenue of $22.2 million. In the year-ago period, the company reported a third-quarter loss per share of 20 cents on revenue of $11.2 million.
The company said its revenue was above its guidance of $20 million to $22 million and up 15% from the prior quarter.
For the fourth quarter, the company said it was expecting revenue in a range of $23 million to $25 million.
Also on Thursday, Ouster said it had achieved over $120 million in annualized cost savings.
Write to Stephen Nakrosis at [email protected]
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