OUST - Why Ouster Stock Is Skyrocketing Today
2023-08-11 12:07:12 ET
Shares of Ouster (NYSE: OUST) are making explosive gains in Friday's trading following the company's recent second-quarter earnings report. The lidar technology specialist's stock was up 22.2% as of 11:45 a.m. ET, according to data from S&P Global Market Intelligence .
Ouster published its Q2 results after the market closed yesterday, posting a loss of $3.19 per share on sales of $19.4 million in the period. While the revenue for the period was in line with the company's guidance, its loss was lower than anticipated -- and the company increased its cost-savings target for the year.
Ouster grew revenue roughly 88% year over year in the second quarter, and the company's bookings momentum looked even more impressive. The lidar specialist booked $43 million in new business with new and existing customers in the period. Despite the substantial sales growth, Ouster's net loss in Q2 narrowed to $123 million -- down from $177 million in the prior-year period.
For further details see:
Why Ouster Stock Is Skyrocketing Today