Why MicroVision Shares Are Cratering Today

Shares of lidar (light detection and ranging) technology outfit MicroVision (NASDAQ: MVIS) are down nearly 20% as of midday Friday following the release of its fiscal Q3 results. The company's top and bottom lines both missed analyst estimates, extending and rekindling a pullback that's been underway since June's peak.

For the three-month stretch ending in September, MicroVision lost $9.3 million on $718 million worth of revenue. On a per-share basis, the company reported a loss of $0.06. While sales improved 12%, the loss more than tripled on soaring R&D and administrative expenses. In the comparable quarter a year earlier, MicroVision lost $0.02 per share.

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Source Fool.com