Kopin Corporation KOPN shares are trading lower by 21.07% to $1.26 Thursday afternoon after the company issued fourth-quarter sales guidance below analyst estimates.
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Kopin sees fourth-quarter sales of some $11.00 million to $11.50 million, which is lower than the analyst consensus estimate of $12.55 million.
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"On January 5, 2023, we announced a restructuring, which included the partial spinout of our OLED development unit and a reduction in force," said Michael Murray, Kopin's Chief Executive Officer.
"This week, we informed our employees that to accelerate application understanding, drive efficiencies and increase focus, we have reorganized the Company. We are confident these changes, along with the steps taken in the prior quarter, will lead to improved functional expertise, focus, and leadership."
Additonally, Murray notes this restructuring will lead to less revenue in the first quarter of fiscal 2023 and for the remainder of fiscal year 2023.
According to data from Benzinga Pro, KOPN has a 52-week high of $3.48 and a 52-week low of $0.96.
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