EV Start-Up Polestar’s Earnings, Sales Fall Short. Why the Market Is Shrugging.

📆 2023-08-31 10:51 AM
📰 MarketWatch

⏱ Reading Time:
29 sec. here
2 min. at publisher
📊 Quality Score:
News: 15%
Publisher: 97%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The EV maker reported a per-share loss of 14 cents from sales of $685 million. Wall Street was looking for a loss of 13 cents from sales of $756 million.

Electric-vehicle start-up Polestar Automotive ‘s second-quarter sales and earnings missed Wall Street estimates. Markets are shrugging because guidance for the coming quarters matters more.

Polestar delivered about 15,800 vehicles in the second quarter and 27,900 vehicles in the first half of the year. Polestar still expects full-year deliveries to come in between 60,000 and 70,000 vehicles. Gross profit margins for 2023 are expected to be about 4%, very close to what Wall Street is projecting

Results are enough for investors in early trading. Polestar stock was down one cent in premarket trading shortly after results were released at $3.82 a share. S&P 500 futures were up about 0.1%. Nasdaq Composite futures were down about 0.1%.

Write Comment

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

HP Inc. Earnings Disappoint on Weak PC Pricing and Soft Printer SalesFundamentals are improving more slowly than the company had hoped, prompting management to lower its outlook for the October 2023 fiscal year.
Source: MarketWatch - 🏆 3. / 97 Read more »

BYD Earnings Triple As It Continues To Lead EV And PHEV SalesBYD sold a total of 700,244 EVs and PHEVs in the second quarter of the year, a record for the brand
Source: Carscoop - 🏆 306. / 63 Read more »