Canoo Reports Q2 Results: Reduced Expenses, Lower Cash Outflow
Portfolio Pulse from Erica Kollmann
Canoo Inc. (NASDAQ:GOEV) reported its Q2 financial results, showing reduced expenses and lower cash outflow. The company reported revenue of $605,000 and losses of 61 cents per share, an improvement from the previous year's losses of $3.14 per share. Operating expenses were reduced by 33% compared to Q1 2024, and cash outflow decreased by 49% year-over-year. Canoo's shares rose 8.44% after-hours following the announcement.
August 14, 2024 | 8:42 pm
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Canoo Inc. reported improved Q2 financial results with reduced expenses and lower cash outflow. The company saw a significant reduction in operating expenses and cash outflow, leading to an 8.44% increase in share price after-hours.
The significant reduction in operating expenses and cash outflow, along with improved financial results, positively impacted investor sentiment, leading to an 8.44% increase in share price after-hours.
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