Lucid Q2 Earnings Highlights: Revenue Beat, EPS Miss, $1.5-Billion Financing Commitment From Saudi Investment Fund
Portfolio Pulse from Chris Katje
Lucid Group (NASDAQ:LCID) reported Q2 revenue of $200.6 million, beating estimates, but missed EPS expectations with a loss of 29 cents per share. The company announced a $1.5-billion financing commitment from Saudi Arabia’s Public Investment Fund. Lucid produced 2,110 vehicles and delivered 2,394 in Q2, and expects to manufacture around 9,000 vehicles in 2024. Shares rose 8% in after-hours trading.
August 05, 2024 | 8:24 pm
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Lucid Group reported Q2 revenue of $200.6 million, beating estimates, but missed EPS expectations with a loss of 29 cents per share. The company announced a $1.5-billion financing commitment from Saudi Arabia’s Public Investment Fund. Shares rose 8% in after-hours trading.
The revenue beat and significant financing commitment from Saudi Arabia’s Public Investment Fund are positive indicators for Lucid's financial health and future growth. Despite the EPS miss, the market reacted positively, as evidenced by the 8% rise in after-hours trading.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100