After racing higher yesterday, shares of Nikola (NASDAQ: NKLA) have slammed on the brakes and are heading in the opposite direction this morning. The company reported second-quarter 2023 financial results before the opening bell, and investors are expressing their disappointment with what they heard from the electric vehicle (EV) manufacturer.

As of 10:11 a.m. ET, shares of Nikola have fallen 16.6%.

Narrowly missing analysts' top-line expectations that it would book sales of $15.43 million, Nikola reported Q2 2023 revenue of $15.36 million. More concerning for investors, though, is the fact that the company's Q2 2023 sales represented a year-over-year decline of 15.3%. Continuing down the income statement, investors found more reasons for concern. In Q2 2023, Nikola reported a negative gross margin of 180% compared to negative 161% during the same period last year. 

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Source Fool.com