Luminar (NASDAQ:LAZR) stock is up on Wednesday as investors look to Tesla (NASDAQ:TSLA) as its savior during its latest earnings report.
The lidar company’s earnings report for the first quarter of 2024 notes that electric vehicle maker (EV) Tesla is its largest customer. That resulted in Tesla orders making up more than $2 million, or roughly 10%, of the company’s revenue.
While the details of the relationship between Luminar and Tesla haven’t been revealed, the two companies have been working together since 2021. That’s despite Tesla CEO Elon Musk claiming that lidar is a crutch for self-driving vehicles.
Investors will also note that Luminar’s net loss for Q1 2024 was $125.7 million. That’s better than its net loss of $146.7 million reported in the same period of the year prior.
Tesla Helps LAZR Stock Recover from Layoffs
Today’s news has LAZR shares bouncing back from layoffs news earlier this week. The company announced plans to cut 20% of its workforce on Monday. That saw its shares dipping on the announcement.
LAZR stock is up 24.8% as of Wednesday morning. That comes with more than 20 million shares traded as of this writing. This is well above its daily average trading volume of about 8 million shares.
Investors on the lookout for all of the latest stock market stories will want to stick around!
We have all of the hottest stock market news traders need to know about on Wednesday! A few examples include what’s happening with shares of Energy Fuels (NYSEMKT:UUUU), Reborn Coffee (NASDAQ:REBN) and AMC Entertainment (NYSE:AMC) stock today. You can catch up on these matters at the links below!
More Stock Market News for Wednesday
- 11 Insiders Bought Energy Fuels (UUUU) Stock After Congress Approved Russian Uranium Bans
- Why Is Reborn Coffee (REBN) Stock Up 93% Today?
- Dear AMC Stock Fans, Mark Your Calendars for May 16
On the date of publication, William White did not hold (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.
