Why Luminar Stock Shot Higher Today

Shares of Luminar Technologies (NASDAQ: LAZR) shot higher by as much as 10% today after the company reported first-quarter earnings. Luminar also said that it has started production at two manufacturing-partner facilities.

Revenue in the first quarter was $5.3 million, which was in line with analyst expectations. That resulted in an adjusted net loss of $27 million, or $0.08 per share, slightly worse than the $0.06 per share in adjusted losses that Wall Street was forecasting. The automotive lidar company has partnered with Celestica and Fabrinet to manufacture its Iris sensors.

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Source Fool.com