Hesai Group's stock surged 18.95% in pre-market trading on Tuesday, following the release of the company's strong third-quarter earnings report.
The Chinese lidar sensor maker 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. The company's non-GAAP earnings per share of -RMB$0.34 also beat estimates of a loss of RMB$0.40 per share.
Hesai Group's impressive quarterly performance, driven by robust demand for its lidar sensors in the automotive and robotics industries, has fueled investor optimism and propelled the stock's pre-market surge. The company's strong financial results and positive outlook have reinforced its position as a leading player in the rapidly growing autonomous driving and robotics sectors.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.