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Velodyne’s Q3 loss widens; lidar company names a new CEO

Economy, Finance

Shares of Velodyne Lidar Inc. fell more than 9% in the extended session Thursday after the company fell short of Wall Street expectations for its third quarter and announced a new chief executive. Velodyne said it lost $54.7 million, or 28 cents a share, in the third quarter, compared with a loss of $5.3 million, or 4 cents a share, in the year-ago quarter. Adjusted for one-time items, Velodyne lost 19 cents a share. Revenue fell to $13.1 million, from $26 million a year ago. FactSet consensus called for a loss of 15 cents a share on sales of $21 million. Separately, Velodyne said it named Theodore “Ted” L. Tewksbury its chief executive, effective Nov. 10, after a three-month search for its new top executive. The stock ended the regular trading day down 4.6%.

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