Ouster, Inc. OUST shares are trading higher after the company reported better-than-expected second-quarter financial results and issued third-quarter revenue guidance.
The Details:
Ouster reported quarterly losses of $1.44 per share, beating the analyst consensus estimate of a loss of $1.45 per share and representing a 10% increase over losses of $1.60 per share from the same period last year. The company reported quarterly sales of $19.40 million, beating the analyst consensus estimate of $19.32 million and representing a 87.78% increase over sales of $10.33 million year-over-year.
Ouster issued revenue guidance for the third quarter of between $20 million and $22 million.
"Ouster exited the second quarter 2023 with record quarterly revenues and strong bookings. These results, coupled with our cost reduction efforts, and continued execution on our cutting-edge product roadmap, position the Company for long-term success," said Ouster CEO, Angus Pacala. "We remain on track to build a strong go-forward enterprise that will create value for all of our stakeholders."
On Friday, Rosenblatt analyst Kevin Cassidy reiterated Ouster with a Buy and maintained a price target of $17.50 on OUST.
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OUST Price Action: According to Benzinga Pro, shares of OUST are trading up by more than 23% at $6.30 at the time of publication.
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