Why Volta Shares Tumbled Today
The shares of electric vehicle (EV) charging network company Volta (NYSE: VLTA) plunged Monday morning, after it reported its fourth-quarter and full-year earnings last Friday. After dropping more than 10%, Volta shares were down 7.7% as of 1:27 p.m. ET.
Volta announced that fourth-quarter revenue grew 45% and full-year 2021 revenue jumped 66% versus the comparable prior-year periods. Those results matched previous guidance and what analysts expected. But the net loss of $0.77 per share was much worse than the $0.15-per-share loss analysts had expected, according to MarketWatch. Volta also named an interim CEO after founder and former CEO Scott Mercer announced at the end of March that he was stepping down.
Image source: Volta.
Source Fool.com
