FREYR Battery Reports Q2 Earnings Above Street Expectation; Picks Birger Steen As New CEO
Portfolio Pulse from Akanksha Bakshi
FREYR Battery (NYSE:FREY) reported Q2 FY23 earnings with a loss per share of $(0.18), beating the consensus of $(0.26). The company also announced the appointment of former Microsoft Corporation (NASDAQ:MSFT) executive Birger Steen as its new CEO. FREYR's Board approved a plan to redomicile the corporate holding company from Luxembourg to the U.S. by the end of 2023. The company's shares are trading higher by 3.81% at $7.90 premarket.
August 10, 2023 | 12:43 pm
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NEUTRAL IMPACT
Former Microsoft Corporation executive Birger Steen has been appointed as the new CEO of FREYR Battery.
While the appointment of a former Microsoft executive as the new CEO of FREYR Battery could be seen as a positive for FREYR, it is unlikely to have a significant impact on Microsoft's stock in the short term.
CONFIDENCE 90
IMPORTANCE 20
RELEVANCE 20
POSITIVE IMPACT
FREYR Battery reported better than expected Q2 FY23 earnings and announced the appointment of a new CEO. The company also plans to redomicile to the U.S. by the end of 2023.
FREYR Battery's better than expected earnings and the appointment of a new CEO, who is a former Microsoft executive, are positive news that could boost investor confidence. The plan to redomicile to the U.S. could also potentially increase the company's visibility and access to capital.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100