Shares of Microvision (MVIS -0.99%) were soaring today after the company released its second-quarter results late yesterday.
The tech stock jumped by as much as 24% today and was up by 17.4% as of 12:25 a.m. EDT.
The company reported quarterly revenue of $0.75 million, an increase of 27% from the year-ago quarter and slightly higher than Wall Street's consensus revenue estimate of $0.7 million. Additionally, the company's adjusted net loss of $0.09 per share met analysts' consensus estimate for the quarter.
"With a large market and significant growth ahead of us, we see great opportunity for further value creation with our focus on strategic sales," Microvision CEO Sumit Sharma said on the company's investor call. "I'm excited about our dual-path strategy to drive revenue and profitability."
Microvision's results in the second quarter may not seem all that impressive to many investors, and its one-day share price gain of 17% seems especially like an overreaction.
Microvision is a so-called meme stock right now, whose share price swings have been recently driven by investors discussing the stock on Reddit's message boards. This has resulted in Microvision's stock experiencing some massive share price jumps, and dips, since late 2020.
With today's share price spike, Microvision's share price has gained 465% over the last year. But with the company's stock seemingly tied to the whims of investors on Reddit, long-term investors may want to be cautious before buying this company's shares.