One of the more remarkable trends in the stock markets this year has been the rise of ‘meme stocks’ or stocks that made considerable gains on the back of the efforts of retail investors on several social media platforms. Microvision, Inc. (NASDAQ:MVIS) emerged as one such target.
The company is involved in laser scanning technology meant for self-driving cars but on Friday the meme stock declined sharply following its poor performance in the latest quarter.
The quarterly loss was higher than analysts’ expectations and on top of that, there was a sharp drop in sales as well. MicroVision recorded a loss of $6.2 million in the first fiscal quarter, which worked out to losses of 4 cents a share. In the year-ago period, the company had suffered losses of $4.9 million.
On the other hand, the total sales generated by the company came in at only $500,000 and that is a far cry from the $1.5 million worth of sales that it had clocked in the year-ago period.
Editor and Computer Expert
A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.