Why Polestar Automotive Stock Crashed 13% on Thursday

Polestar Automotive (NASDAQ: PSNY) stock crumpled under the pressure of an earnings miss Thursday morning. As of 10:35 a.m. ET, shares of the Sweden-based, China-controlled electric car company were down by 13.5%.Heading into its third-quarter report, analysts had forecast Polestar would rack up $634 million in sales and lose about $0.15 per share. Polestar missed the sales goal, however, reporting revenue of only $551 million. As regards profits, Polestar said its net loss was $323 million. On a 2.1 billion-share count, that works out to be closer to a loss of about $0.16 per share. Polestar sold 12,548 cars in Q3, down 8% year over year. Revenue from those sales declined by 10%, and on the bottom line, Polestar's $323 million net loss works out to Polestar losing more than $25,740 for every EV it sold. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool