Why Canoo Holdings Stock Is Sharply Higher Today
Shares of electric vehicle start-up Canoo Holdings (NASDAQ: GOEV) were moving higher on Tuesday, after the company reported third-quarter earnings and said it will begin production of its first vehicle sooner than expected.
As of 3 p.m. EST, Canoo's shares were up about 18.3% from Monday's closing price.
Canoo reported its third-quarter results after the U.S. markets closed on Monday, and they were better than expected. The company, which has no revenue, reported a net loss of $80.9 million ($0.35 per share), nearly all of it attributable to product development and administrative costs. Wall Street analysts polled by Thomson Reuters had expected a larger loss, $0.44 per share.
Source Fool.com
