In a striking market response, shares of Ouster, a provider of high-resolution digital lidar sensors, leaped by 23% to $5.08 on Friday after the company reported robust third-quarter financial results. The surge occurred amid heavy trading, with 1.6 million shares changing hands, dwarfing the 65-day average volume of 617,553 shares.
The San Francisco-based tech firm disclosed on Thursday that its revenue for the third quarter stood at $22.2 million, surpassing its own guidance and representing a 15% increase from the previous quarter. This performance also marked a significant improvement compared to the same period last year when the company posted a loss per share of 20 cents on revenue of $11.2 million.
Contributing to investor optimism, Ouster has achieved over $120 million in annualized cost savings, which is an impressive feat for the company as it navigates through its growth phase.
Looking forward, Ouster has set its Q4 revenue target in the range of $23 million to $25 million. The positive financial trajectory and aggressive cost-saving measures have evidently resonated with investors, culminating in today's substantial stock price appreciation as reported by Stephen Nakrosis.
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