Shares of MicroVision (NASDAQ:MVIS) were tumbling this morning after the company reported its third-quarter results yesterday. MicroVision's stock fell by as much as 23.1% on Friday morning and was down 18.1% as of 10:35 a.m. EDT.
The laser scanning technology specialist reported an adjusted diluted loss of $0.02 per share, which was in line with Wall Street's consensus estimate. The company's sales of $640,000 outpaced analysts' consensus estimate of $560,000 for the quarter.
Despite the revenue beat, MicroVision's sales dropped 46% from the year-ago quarter, something investors weren't happy about.
The company has been open to a sale or merger, and CEO Sumit Sharma addressed the continued interest in that, saying in a press release:
MicroVision is focused on pursuing a strategic transaction at the right value for our shareholders. Our focus is to drive to an agreement at a valuation that reflects the sustainable strategic advantage, we believe, our technology offers now and into the future. We are continuing to work toward this goal while maintaining expenses at appropriate levels.
Even with the company's massive share price drop today, the stock has still gained 150% year to date.
MicroVision's share price has been on a wild ride this year, and today's drop indicates that investors continue to have very strong reactions to anything that happens with the company. Investors should be cautious because the company's stock is prone to big price swings.