Why Ideanomics Stock Tanked Today

Shares of Ideanomics (NASDAQ: IDEX) have tanked today, down by 24% as of 12:05 p.m. EDT, after the company reported second-quarter earnings. Total revenue declined significantly and Ideanomics swung to a net loss.

Revenue in the second quarter plunged 68% to $4.7 million, which resulted in a net loss of $26.4 million, or $0.15 per share. Sales were up on a sequential basis, as the electric vehicle distributor has started to fulfill orders and deliver vehicles to customers through its Mobile Energy Global (MEG) segment.

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Source Fool.com