Why Vuzix Shares Are Rising Today

Vuzix Corp VUZI is trading higher Tuesday after the company announced its third-quarter financial results.

Vuzix reported a quarterly earnings loss of 13 cents per share, which was in line with estimates. The company reported quarterly revenue of $3.02 million, which came in below the estimate of $3.79 million.

Vuzix said it expects "sequential revenue growth" in the fourth quarter.

See Also: Vuzix: Q3 Earnings Insights

"While we are pleased to report another period of both sequential and year-over-year revenue growth, our third quarter sales came in at the low end of our expectations largely due to shipping delays, external supply chain challenges, and the timing of larger orders associated with several blue-chip customers," said Paul Travers, president and CEO of Vuzix. 

"For our fourth quarter of 2021, we anticipate another quarter of sequential revenue growth and we feel very confident regarding our growth prospects for 2022," Travers added.

Vuzix Corp is a supplier of smart-glasses and augmented reality technologies and products for the consumer and enterprise markets.

VUZI Price Action: Vuzix has traded as high as $32.43 and as low as $3.40 over a 52-week period.

The stock was up 14.30% at $13.72 at time of publication.

Photo: courtesy of Vuzix.