Why Innoviz Technologies Stock Rocketed 11% Higher Today
Next-generation auto tech company Innoviz Technologies (NASDAQ: INVZ) unveiled its latest set of quarterly earnings Wednesday morning. Happily for investors these were very encouraging, and the company's stock price zoomed almost 11% higher as a result. That surge was far more pronounced than the 0.1% bump of the S&P 500 index on the day.
For its third quarter, Innoviz booked revenue of just under $3.5 million, which represented a healthy improvement over the $878,000 it earned in the same quarter of 2022. The former figure also topped the consensus analyst estimate of $3 million.
On the bottom line, the company managed to narrow its headline net loss to slightly over $27 million ($0.18 per share). Again, this bettered the result from the year-ago quarter; Innoviz lost more than $34 million in that frame. Analysts were collectively modeling a $0.22 per-share deficit for this most recent quarter.
Source Fool.com
