EV-Maker Canoo's Stock Falls On Mixed Q4 Results
Portfolio Pulse from Erica Kollmann
Canoo Inc. (NASDAQ:GOEV) reported mixed Q4 results with adjusted losses of $1.73 per share, beating estimates, but sales of $367,000 missed expectations. The company produced 22 vehicles in 2023, with 17 in Q4. CEO Tony Aquila highlighted the start of commercial fleet deliveries and the FTZ designation for the OKC facility. Canoo anticipates 2024 revenues between $50 million and $100 million and plans to continue acquiring distressed assets. Post-results, GOEV shares dropped 24.81% in after-hours trading.
April 01, 2024 | 9:56 pm
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Canoo Inc. reported mixed Q4 results, with better-than-expected losses but disappointing sales. The company's outlook for 2024 includes significant revenue growth and continued asset acquisitions. Shares dropped 24.81% after-hours.
The mixed Q4 results, with sales missing estimates significantly, likely contributed to the sharp decline in GOEV's stock price in after-hours trading. While the company's optimistic outlook for 2024 and strategic asset acquisitions could provide long-term value, the immediate investor reaction was negative, reflecting concerns over current performance and short-term growth prospects.
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