Shares of Hesai Group, a leading provider of lidar sensors for advanced driver assistance systems (ADAS), surged 5.1% in the intraday trading session on Wednesday. The stock's rally was fueled by the company's better-than-expected third-quarter financial results and optimistic outlook for continued growth.
Hesai Group reported a 21% year-over-year increase in revenue to $76.9 million for the third quarter, surpassing analysts' expectations. The strong performance was driven by a significant 182.9% jump in total lidar shipments to 134,208 units, with ADAS Lidar shipments soaring 220% to 129,913 units. The company's gross margin also improved substantially, reaching 47.7% compared to 30.6% in the same period last year.
Looking ahead, Hesai Group anticipates further momentum, forecasting revenue of $100 million and 200,000 unit shipments in the fourth quarter. The company also expressed confidence in achieving full-year profitability on a non-GAAP basis for 2024, positioning itself as the first automotive lidar company worldwide to reach this milestone. Investors welcomed Hesai Group's strong performance and promising outlook, propelling the stock's significant intraday gain.
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