Glimpse (NASDAQ:VRAR) stock is falling hard on Friday following the release of the virtual reality ( ) and augmented reality ( ) 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 () 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.
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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.