Shares of lidar company Ouster surged on Friday following the release of its impressive third-quarter financial results. The company reported revenue that exceeded its own guidance, leading to a 23% increase in its stock price.
At 2:22 p.m. EST, Ouster's stock was trading at $5.08 per share, representing a significant jump. The trading volume at the time also surpassed the company's 65-day average volume.
In its quarterly report, Ouster revealed a loss per share of 89 cents on revenue of $22.2 million. Comparatively, the company reported a loss per share of 20 cents on revenue of $11.2 million during the same period last year.
Ouster's revenue for the quarter was above its projected range of $20 million to $22 million, marking a 15% increase from the previous quarter. Encouraged by these results, the company has raised its revenue guidance for the fourth quarter to a range of $23 million to $25 million.
Furthermore, Ouster announced that it has achieved over $120 million in annualized cost savings, a commendable accomplishment for the company.
This strong performance highlights Ouster's commitment to growth and innovation in the lidar industry. As the company continues to surpass expectations and deliver noteworthy financial results, investors can look forward to promising opportunities ahead.