Shares of Kopin (NASDAQ:KOPN) jumped today after the company reported fourth-quarter results that outpaced analysts' consensus revenue and earnings estimates.
The tech stock was up by as much as 28.9% Tuesday morning and had gained 18.4% as of 11:26 a.m. EST.
Fourth-quarter sales were $13.9 million, an increase of 60% year over year, and higher than Wall Street's estimate of $9.3 million. The company also outpaced analysts' consensus estimate of a $0.01 loss per share and instead reported earnings of $0.02 per share.
"We are delighted to have finished 2020 with very strong results in both our top and bottom lines, with revenue growth of 36% year over year and increased efficiency in our operations," Dr. John C. C. Fan, the CEO, said in a press release
Investors were clearly happy with the company's results and pushed Kopin's shares up when the trading day started.
Kopin didn't issue any guidance in its press release, but management did say that it expects industrial wearables and 3D-measurement revenue to continue solid growth in 2021 and that its products for its public-safety applications segment "will recover later in 2021."