Nikola Stock Falls After Q2 Topline Decline, Abrupt CEO Transition
Portfolio Pulse from Anusuya Lahiri
Nikola Corp reported a 15.3% YoY decline in Q2 FY23 sales to $15.36 million, slightly missing the consensus of $15.43 million. The company's gross loss was $27.6 million, and adjusted EBITDA loss expanded to $125.1 million. Nikola produced 33 trucks in Q2, down from 50 last year, and shipped 45 trucks, down from 48 in 2022. The company also announced that CEO Michael Lohscheller would step down, with Chairman Stephen Girsky taking over. Following the news, NKLA shares fell by 10.6%.
August 04, 2023 | 3:31 pm
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Nikola Corp's Q2 FY23 sales declined by 15.3% YoY, and the company announced a CEO transition. Following the news, NKLA shares fell by 10.6%.
Nikola Corp reported a decline in Q2 FY23 sales and announced a CEO transition, both of which are significant events that can impact a company's stock price. The decline in sales indicates a potential issue with the company's performance, while a CEO transition can create uncertainty about the company's future direction. These factors likely contributed to the 10.6% drop in NKLA shares.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100