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

📆 2023-08-31 10:51 AM
📰 MarketWatch

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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%.

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