SPECIAL REPORT The Top 7 Stocks for 2024

Why Is Glimpse (VRAR) Stock Down 43% Today?


  • Glimpse (VRAR) stock is dropping after releasing its latest earnings report.
  • The company’s results for the quarter and year were mixed.
  • That report also saw the company announcing restructuring plans.
VRAR Stock - Why Is Glimpse (VRAR) Stock Down 43% Today?

Source: Andrush via Shutterstock

Glimpse (NASDAQ:VRAR) stock is falling hard on Friday following the release of the virtual reality (VR) and augmented reality (AR) company’s earnings report.

The bad news for Glimpse stock comes from its revenue of $2.9 million for the current quarter. That’s below the $4 million in revenue that Wall Street was expecting. This also saw its fiscal 2023 revenue of $13.5 million fall short of Wall Street’s estimate of $14.57 million.

On the other hand, the company reported earnings per share of -14 cents for the quarter. That matches what Wall Street was expecting. However, its fiscal 2023 EPS of -$2.05 is far below analysts’ estimate of -74 cents.

VRAR Stock Falls on Focus Shift

To go along with that mixed earnings report, Glimpse announced a change in its business operations. The company is moving toward cloud and artificial intelligence (AI) to overcome the restrictions of immersive technologies hardware.

Glimpse notes that these changes will result in internal restructuring. That means it will spend more money on developing new technology while also moving away from its legacy businesses.

With this news comes some 33,000 shares of VRAR stock changing hands. For the record, the company’s daily average trading volume is about 75,000 shares. The company’s stock is also down 43.4% as of Friday morning.

Investors seeking out even more of the most recent stock market news today will want to keep reading!

InvestorPlace is home to all of the latest stock market stories that traders need to know about! A few examples include why shares of OpGen (NASDAQ:OPGN) and Blue Apron (NASDAQ:APRN) stock are up, as well as the biggest pre-market stock movers this morning. All of that info is available at the links below!

More Friday Stock Market News

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risk.

Read More:Penny Stocks — How to Profit Without Getting Scammed

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2023/09/why-is-glimpse-vrar-stock-down-43-today/.

©2024 InvestorPlace Media, LLC