Why Faraday Future Shares Tumbled Tuesday
Shareholders in electric vehicle (EV) start-up Faraday Future Intelligent Electric (NASDAQ: FFIE) have seen their stock triple during the first few weeks in July then drop back down right about where it started. After the company reported earnings last night, the shares are giving investors another ride today. This ride is down, though, as shares lost 18.6% from yesterday's closing price as of 10:37 a.m. ET.
Today's plunge came as the company reported a net loss of $142 million in the second quarter, including an operating loss of $137 million. That was a slight improvement from the first quarter's operating loss of $149 million. But that was small consolation to investors knowing that Faraday was down to just $121 million in cash as of June 30. That's a decrease from $276 million it reported at the end of the first quarter.
Source Fool.com
