MicroVision, Inc (NASDAQ:MVIS) shares fell over 21% in Wednesday’s after-hours session after the company announced its first-quarter results for 2021.
What Happened: The solid-state automotive lidar and microdisplay technology company’s revenue for the first quarter was $0.5 million in Q1 2021, while in the same period last year it was $1.5 million.
Loss per share was reported at $0.04, which is the same number as in Q1 2020 and worse than the Street expectation of loss per share of $0.02.
“We expect that a version of this first-generation long-range lidar sensor, after internal and external validation, reliability and compliance testing, could be available for sale, in initial quantities, in the third or fourth quarter of 2021 as we previously reported,” said Sumit Sharma, CEO of MicroVision.
Microvision shares fell 21.17% lower to $14.19 in the after-hours session on Wednesday after plunging 14.24% in the regular hours to $18.
Why It Matters: MicroVision continues to dominate discussions on r/WallStreetBets, a Reddit forum that carried out retail-led short squeezes in AMC Entertainment Holdings Inc (NYSE:AMC), GameStop Corporation (NYSE:GME), and Nokia Oyj (NYSE:NOK).
At press time, MicroVision led discussions on the forum with 1,783 mentions, followed by Clover Health Investments Corp (NASDAQ:CLOV), which attracted 809 mentions, according to Quiver Quantitative data.
This week, “Mad Money” host Jim Cramer said he would rather “be on the long side” than on the short side of MicroVision.
S3’s Ihor Dusaniwsky warned that bears could be “squeezed out of their positions due to losses” in meme stocks, as per Reuters.