Luminar shares could fall 74% by 2024

Shares of Luminar Technologies plunged in Wednesday trading, falling as much as 37.4%. The company's shares fell 37.4% during the day's trading, according to data from S&P Global Market Intelligence. Luminar reported second-quarter results after the market closed yesterday, with both sales and earnings for the quarter falling short of expectations. In addition to the second-quarter results falling short of expectations, the company's earnings guidance also worried the market. As a result of today's sharp drop, the light detection and ranging (lidar) specialist's shares have fallen about 74% this year. Lunimar announced in May that it planned to cut 20% of its employees amid a broader restructuring of its production processes. The company announced at the time that it would deliver its next-generation laser sensors to Volvo and said it would move to an "asset-light" business model, outsourcing more production to partners. As part of the restructuring, at least 147 people will lose their jobs.