Gogoro Records 3.8% Decline In Q2 Revenue Dragged By Lower Scooter Sales In Taiwan
Portfolio Pulse from Shivani Kumaresan
Gogoro Inc (NASDAQ:GGR) reported a 3.8% decline in Q2 FY23 sales to $87.25 million due to lower scooter sales in Taiwan. However, battery swapping revenue grew by 9.6% to $33.3 million. The company's gross margin expanded to 15.2% and the operating loss narrowed to $20.3 million. Gogoro lowered its FY23 revenue outlook from $400 million - $450 million to $340 million - $370 million due to soft demand in Taiwan and the timing of international projects.
August 10, 2023 | 3:37 pm
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Gogoro reported a decline in Q2 sales but saw growth in battery swapping revenue. The company lowered its FY23 revenue outlook due to soft demand in Taiwan.
The decline in Q2 sales and the lowering of the FY23 revenue outlook due to soft demand in Taiwan could negatively impact Gogoro's stock price in the short term. However, the growth in battery swapping revenue and the expansion of gross margin could provide some positive sentiment.
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