Hesai Group, a leading Chinese lidar sensor maker, saw its stock soaring 22.6% in pre-market trading on Tuesday, following the release of its impressive third-quarter 2024 financial results.
The company reported a 21.1% year-over-year increase in revenue to RMB539.4 million for the quarter ended September 30, exceeding analyst expectations of RMB489.56 million. Hesai Group's non-GAAP earnings per share of -RMB$0.34 also beat estimates of a loss of RMB$0.40 per share, further driving investor optimism and stock rally.
The strong quarterly performance was fueled by robust demand for Hesai Group's lidar sensors in the rapidly growing automotive and robotics industries. As a key player in the autonomous driving and robotics sectors, the company's positive outlook and financial results have reinforced its position as a market leader.
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