Categories Earnings, Technology

Earnings: Vuzix disappoints in Q4, stock declines

Vuzix (VUZI) Friday reported fourth-quarter losses that were wider than what the street anticipated, on revenues that missed analysts’ estimates. The supplier of smart glasses and augmented reality (AR) technologies said its Q4 losses narrowed to 22 cents per share from 29 cents per share a year ago. The street was, meanwhile, looking at a loss of 18 cents per share.

Revenue for the quarter increased 24% to $1.98 million, but missed the analysts’ consensus by over a million dollars. The top line was lifted by its sale of smart glasses, including Toshiba Smart Glasses, which grew 33% year-over-year.

VUZI shares fell 4.2% following the disappointing results. The stock has tumbled 50% in the trailing 12-month period.

READ: DOCUSIGN SURPRISES WALL STREET WITH A PROFIT IN Q4

CEO Paul Travers said, “Operationally, we continued to steadily grow our top-line in our fourth quarter of 2018, achieving Q4 year-over-year revenue growth of 24% on increased sales of our AR smart glasses, and continued our ongoing evaluation of operating expenses to ensure the most rapid path to profitability possible.”

Research and Development expense for the quarter was $3.3 million, up 43%, primarily due to the development costs for M400 Smart Glasses and an increase in external software development costs for the Blade.

The Rochester, New York-based company said it expects to expand both new and existing OEM relationships as the year progresses, as well as continue ramp production of the Blade in 2019.

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Electronic Arts (EA) Q4 earnings drop and miss estimates; revenue down 3%

Video game company Electronic Arts, Inc. (NASDAQ: EA) reported lower earnings and revenues for the fourth quarter of 2021. Earnings also missed analysts' forecast. During the March quarter, net bookings

What lies in store for Tyson Foods (TSN) this year?

Shares of Tyson Foods Inc. (NYSE: TSN) were in green territory during afternoon hours on Tuesday. The stock has gained 32% over the past 12 months and 23% since the

Virgin Galactic (SPCE) fails to impress market amid looming uncertainty

Space tourism company Virgin Galactic Holdings, Inc. (NYSE: SPCE) ended the first quarter of 2021 without generating revenue and continued the losing streak even as uncertainty over its test flight

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top