Why Canoo Stock Is Sinking This Week
Canoo (NASDAQ: GOEV) stock is seeing a significant pullback following the second-quarter earnings report this week. Prior to the opening of the market today, the electric vehicle (EV) specialist's share price was down 13.7% from last week's market close, according to data from S&P Global Market Intelligence.
Canoo published its Q2 results after the market closed on Aug. 14, posting a smaller-than-expected loss for the period. While the average analyst estimate had guided for a non-GAAP (adjusted) loss per share of $0.19, the company's actual per-share loss for the period came in at $0.14. The stock initially gained ground in after-hours trading but sold off in the next daily trading session and continued to move lower as the week progressed.
Despite the narrower-than-anticipated loss in Q2, it looks like the market isn't sold on Canoo's path forward. The company said it had entered into the "revenue and income generation phase" in the quarter, but it didn't actually record any sales in the period.
Source Fool.com
