Why Romeo Power Stock Is Getting Zapped Today
Shares of Romeo Power (NYSE: RMO) were down sharply in trading on Wednesday morning. The California-based maker of battery packs for electric trucks and buses reported 2020 earnings and provided 2021 guidance that fell short of Wall Street's expectations, as well as its own earlier guidance.
As of 11 a.m. EDT today, Romeo Power's shares were down about 17.2% from Tuesday's closing price.
In a preliminary earnings statement released after the markets closed Tuesday, Romeo Power said that it generated $9 million of revenue in 2020, and that it expected its 2021 revenue to come in between $18 million and $40 million.
Source Fool.com
