Why Vuzix Shares Are Trading Lower Today

Vuzix Corporation VUZI is trading lower Tuesday after the company announced worse-than-expected second-quarter financial results. 

Vuzix reported a quarterly earnings loss of 14 cents per share, which came in below the estimate for a loss of 10 cents per share. The company reported quarterly revenue of $2.92 million, which came in below the estimate of $4.33 million. 

In the same quarter last year, Vuzix reported a loss of 13 cents per share and revenue of $3 million. The company attributed the declining year over year results to a $600,000 decline in engineering services sales. 

"We now have roughly $138 million of cash as of mid-year, have expanded our management, R&D and sales teams, established a new SaaS-based integrated solutions business unit, and are aggressively pursuing other strategic initiatives that will strengthen and extend our business model from one primarily focused on being an industry leader in smart glasses hardware to also now becoming a broader solutions provider in various high-growth market verticals," said Paul Travers, president and CEO of Vuzix.

Price Action: Vuzix has traded as high as $32.43 and as low as $3.24 over a 52-week period. 

At last check Tuesday, the stock was down 9.77% at $12.38.

Photo: courtesy of Vuzix.

Market News and Data brought to you by Benzinga APIs
Actual EPS
EPS Surprise
Actual Rev
Rev Surprise
Posted In: EarningsNewsSmall CapMoversTrading IdeasPaul Traverswhy it's moving
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!