Kopin (NASDAQ:KOPN) stock is falling on Friday following the release of the component company’s earnings report for the fourth quarter of 2023.
The bad news for KOPN stockholders starts with its earnings per share of -4 cents. That’s worse than the -2 cents per share that Wall Street was expecting. Even if its better than the -7 cents from the same time last year.
Another blow to KOPN stock comes from its revenue of $8.58 million for the quarter. That’s another miss compared to analysts’ estimate of $9.03 million. It’s also down 30.6% year-over-year compared to $12.2 million.
Michael Murray, CEO of Kopin, explained the reason for the lackluster earnings as such.
“As we discussed in our third quarter of 2023 financial results call, to ensure we execute on this anticipated production ramp in 2024, we took additional steps and extended our planned 2023 holiday shut down period to improve production flow for long-term profitability. These preparations included a temporary pause in production to retool, adding new automation, and clean our manufacturing facilities at the end of the fourth quarter, which had an impact on the quarter’s revenues.”
What’s Next for KOPN Stock?
Kopin is expecting strong revenue growth in 2024 over 2023 due to increased orders. It currently has $55 million in orders as of January 2024. This has it predicting a revenue increase of 30% year-over-year.
KOPN stock is down 14.6% as of Friday morning.
There are more stock market stories traders need to know about down below!
We have all of the hottest stock market news ready to go on Friday! That includes loads of other earnings reports that traders are going to want to keep in mind today. You can check those out at the following links!
More Stock Market News for Friday
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.
