Shares of MicroVision Inc. (NASDAQ: MVIS) were jumping for a second day in a row Friday on the heels of Sony Inc.’s (NYSE: SNE) introduction of a new handheld projector that uses Microvision’s technology.
MicroVision, a Redmond, Wash., company, has developed a laser-based technology that lets users project images from handheld devices. The technology competes against Texas Instruments Inc.’s (NYSE: TXN) Digital Light Processing technology and others.
Sony’s projector will let a user project high-definition images contained in smart phones and tablets. Sony says it guarantees that a projected image stays in focus regardless of angle or distance.
MicroVision has struggled over the years to market its technology beyond military uses. The shares had reached as high as $46 in the fall of 2009, then collapsed as sales fell from $15 million to less than $4 million in 2009. Sales are running at about $7 million a year now, but the company has not achieved profitability.
The shares were up 11% to $2.97 on Friday morning, after reaching as high as $3.38. They had closed Wednesday at $1.35.
MicroVision has needed the boost. Its listing on the Nasdaq has been threatened since its market capitalization dropped below $50 million 30 consecutive days. The market cap was $93 million on Friday.
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