Why Polestar Automotive Stock Tanked Today
Shares of Swedish EV maker Polestar Automotive Holding UK (NASDAQ: PSNY) dropped 11.6% through 11:15 a.m. ET Thursday morning despite reporting a respectable rise in electric car deliveries -- up 26% to 12,076 units.
Polestar appears to have beaten analyst forecasts for Q1 earnings, reporting only a $0.01 per-share loss, where the Street had the stock losing $0.14 per share. Also noteworthy is that Polestar achieved positive gross margins this quarter -- albeit only 3.4% -- while the company's selling, general, and administrative costs actually declined 11%, despite the company selling a greater number of cars.
On sales, however, Polestar fell short. Although sales grew 21% to $546 million, this was slower than both the growth in units shipped and also less revenue than the $589.4 million that Wall Street had forecast for the automaker.
Source Fool.com
