What's Going On With Luminar Technologies Stock Today?

Luminar Technologies LAZR shares are trading lower this Wednesday after the company reported worse-than-expected Q4 earnings.

What to Know: On Tuesday after market closure, Luminar Technologies reported its results for the full-year and fourth quarter of 2022 ended Dec. 31, 2022. The company also provided guidance for full-year 2023.

Luminar Technologies reported quarterly earnings (losses) of $(0.26) per share compared to the consensus analyst estimate of $(0.21) per share, representing a negative earnings surprise of 23.8%. The company reported quarterly sales of $11.10 million compared to the analyst consensus estimate of $12.52 million, representing a negative earnings surprise of 11.3%.

The company reported yearly earnings of $(0.78) per share compared to earnings of $(0.38) per share in 2021. Luminar reported yearly sales of $40.7 million compared to sales of $31.9 million in 2021.

Additionally, Luminar Technologies provided guidance for 2023. The company expects to reach positive gross margin, and achieve year-over-year revenue growth of at least 100%.

Tom Fennimore, CFO of Luminar, noted "This year is already off to a strong start. Existing customers are expanding their business with us, our dialogue with new customers is increasing, and the team is doing a great job executing our industrialization and scaling plans to support upcoming vehicle launches."

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs.

According to data from Benzinga Pro, Luminar Technologies shares were down 4.19%, trading at $8.58 at the time of publication. The stock has a 52-week high of $16.62 and a 52-week low of $3.91.

Photo: courtesy of Luminar Technologies.