What's Going On With QuantumScape Shares Thursday?
Portfolio Pulse from Dylan Berman
QuantumScape Corporation (NYSE:QS) shares are down 8.71% after reporting a larger-than-expected loss of 25 cents per share for the second quarter of fiscal year 2024. The company also reported $18.9 million in capital expenditures and ended the quarter with $938 million in liquidity. Despite the earnings miss, QuantumScape maintains its full-year guidance and finalized a significant deal with Volkswagen Group to advance solid-state battery technology.
July 25, 2024 | 6:56 pm
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QuantumScape shares fell 8.71% after the company reported a Q2 loss of 25 cents per share, missing analyst estimates. The company also reported $18.9 million in capital expenditures and ended the quarter with $938 million in liquidity. Despite the earnings miss, QuantumScape maintains its full-year guidance and finalized a significant deal with Volkswagen Group.
The 8.71% drop in QuantumScape's share price is primarily due to the company missing analyst earnings estimates by 2 cents per share. The reported loss and significant capital expenditures likely contributed to investor concerns. However, the finalized deal with Volkswagen and maintained full-year guidance provide some positive long-term outlook, though the immediate impact is negative.
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