SQM Earnings Soar 941% on Surging Lithium Demand for EV Batteries
Sociedad Quimica y Minera de Chile (NYSE: SQM), or SQM, stock fell 9.2% on Thursday, following the lithium giant's release of third-quarter 2022 results on the prior evening.
The quarter's revenue and earnings easily exceeded the Wall Street consensus estimates. Moreover, the Chile-based company's outlook for its overall business and its lithium segment remains very bright.
It seems likely that SQM stock's post-earnings-release pullback was largely driven by market dynamics and profit taking. The broader market was slightly down on Thursday and lithium stocks in general declined even more. Shares of major lithium producers Albemarle and Livent fell 3.3% and 3.1%, respectively.
Source Fool.com
