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MicroVision inventory tanks after Q1 outcomes, decrease gross sales 

MicroVision Inc.

shares fell greater than 14% within the prolonged session Thursday after the laser-scanning expertise firm reported a wider-than-expected quarterly loss and gross sales fell. MicroVision mentioned it misplaced $6.2 million, or 4 cents a share, within the first quarter, in contrast with a lack of $4.9 million, or 4 cents a share, within the first quarter of 2020. Gross sales dropped to $500,000 from $1.5 million a yr in the past. Analysts polled by FactSet anticipated the corporate to report a lack of 3 cents a share on gross sales of $600,000. The corporate is “on monitor” on its automotive lidar improvement program, Chief Government Sumit Sharma mentioned in a press release. It’s planning to share “key efficiency information” with potential prospects, companions and different events fascinated by a “strategic transaction,” MicroVision mentioned. A primary-generation, long-range lidar sensor, after testing, may very well be accessible on the market in smaller portions later this yr, as beforehand scheduled, the corporate mentioned. Shares of MicroVision ended the common buying and selling day down 14%.

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