Analysts lower their foreclosure forecasts after Q2 results – Ouster (NYSE:OUST)

Ouster Inc. OUST reported weaker-than-expected sales in the second quarter on Tuesday.

Ouster reported quarterly losses of 53 cents per share, which was 13.11% ahead of analysts’ consensus of 61 cents. Quarterly sales of $26.99 million were below analysts’ consensus of $27.03 million.

“Our second quarter results demonstrate solid execution, with GAAP gross margins increasing to 34%. In line with Ouster’s strategy to expand into software solutions, we had one of our best quarters in software sales, driven by Ouster Gemini and Blue City. In addition to the continued improvement in our operating results, we built one of the most resilient balance sheets in the industry and diversified business models,” said Ouster’s CEO Angus Pacal.

Ouster said it expects third-quarter revenue in the range of $27 million to $29 million, below consensus estimates of $30.39 million for the quarter. The company said it is on track to meet its long-term financial framework and achieve profitability.

OUST shares fell 27.7% to $7.86 on Wednesday.

Analysts have changed their price targets for OUST following the financial results announcement.

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