Ouster Shares Plunge on Dampened 3Q Outlook

Dow Jones08-14

Shares of Ouster slid after the company's third-quarter revenue outlook came in below analysts' expectations, as macroeconomic headwinds are expected to drag down short-term growth.

The stock fell 17% to $9.02 in after-hours trading on Tuesday. Shares ended the regular session about flat at $10.88, and are up 42% this year.

The San Francisco based company, which makes light detection and ranging sensors, expects revenue of $27 million to $29 million, compared to analysts' estimate of $30.2 million.

Chief Executive Angus Pacala said macroeconomic pressures are causing customers to delay projects, hurting near-term sales.

In the second quarter, Ouster's net loss narrowed to $23.9 million, or 53 cents a share, from a loss of $122.7 million, or $3.19 a share, from the same period a year ago.

Revenue rose 39% to $27 million, in line with Wall Street expectations.

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