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Luminar 3rd-quarter sales miss Wall Street estimates, shares slip

By Reuters

– Luminar Technologies Inc on Thursday delivered third-quarter sales that were below Wall Street expectations, sending its shares down 2% in after-hours trading.

Luminar makes a lidar sensor that helps self-driving cars and driver-assistance systems gain a three-dimensional view of the road. It has a deal with Volvo to put its sensors on the road starting next year.

Sales for the quarter ended Sept. 30 totaled $8 million and adjusted losses were 10 cents per share. Analysts had expected sales of $8.89 million and adjusted losses of 10 cents per share, according to IBES data from Refinitiv.

Luminar said it was maintaining its full-year sales forecast of $30 million to $33 million. Analysts expect full-year sales of $31.17 million, according to Refinitiv data.