Ouster Inc. (NYSE:OUST) reported weaker-than-expected sales for its second quarter on Tuesday.
Ouster reported quarterly losses of 53 cents per share, which beat the analyst consensus estimate of 61 cents by 13.11%. Quarterly sales came in at $26.99 million which missed the analyst consensus estimate of $27.03 million.
"Our second quarter results showcase solid execution with GAAP gross margin increasing to 34%. Consistent with Ouster's strategy of expanding into software solutions, we had one of our best quarters for software-attached sales powered by Ouster Gemini and Blue City. Alongside the continued improvement in our operating results, we have built one of the industry's most resilient balance sheets and diversified business models," said Ouster CEO Angus Pacala.
Ouster said it sees third-quarter revenue in a range of $27 million to $29 million, below the consensus estimate of $30.39 million for the quarter. The company said it is on track to deliver on its long-term financial framework and reach profitability.
OUST shares fell 27.7% to trade at $7.86 on Wednesday.
These analysts made changes to their price targets on OUST following earnings announcement.
- Craig-Hallum analyst Richard Shannon maintained Ouster with a Buy rating and lowered the price target from $13 to $11.
- Cantor Fitzgerald analyst Andres Sheppard maintained the stock with a Neutral rating, while cutting the price target from $13 to $12.
- WestPark Capital analyst Kevin Garrigan maintained Ouster with a Buy and lowered the price target from $17 to $13.
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