Cognex Shares Soar 7% After Raising Q3 Revenue Outlook

Shares of system software company Cognex Corp. (CGNX) are climbing 7 percent on Tuesday's trading after the company lifted its revenue guidance for the third quarter of 2022. The company now expects revenue to be between $195 million and $205 million as compared to its earlier guidance of $160 million to $180 million given in August this year.

Cognex said that this rise is mainly due to its ability to fulfill customer demand sooner than anticipated due to strong progress in replenishing component inventory destroyed in an earlier disclosed fire at its main contract manufacturer.

Currently at $44.04, the stock has traded between $40.55 and $92.17 during the past 52 weeks.

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