Nikola
Nikola fell 17% on Wednesday after the company’s first earnings report failed to meet estimates and led analysts to look closely.
The electric truck manufacturer reported a general loss of $86.6 million in the quarter on Tuesday, more than five times the amount it lost at the same time last year.
Here are the key figures:
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It didn’t take long for tensions to emerge between the automaker and analysts. Nikola’s founder, Trevor Milton, called Wall Street in a tweet shortly after the report was released, saying the automaker “actually outd overcame our profits by 20%” and that analysts “misjudged the stock.”
Analysts asked complicated questions about the company’s plans and vehicle time for an effects call. Nikola has so far revealed an agreement with Anheuser-Busch and has refrained from announcing new consumers for his semi-trailer. Updates on his Badger pickup style were also rare.
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“What you have to accept as true is that a lot more things are happening than you see in the ads,” Russell said. “We have a lot of conversations with a lot of people, and when we can announce them publicly, we will.”
Cowen analyst Jeff Osborne said the company’s production times “are a little confusing.”
Nikola closed Tuesday at $38.84 in line with the fee, up 276% since the beginning of the year.
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