Nikola stock falls 7% after electric-vehicle maker reports bigger Q2 loss
Nikola Corp. shares fell more than 7% after hours Tuesday after the electric-vehicle maker reported a second-quarter loss that was wider than Wall Street expected.
Nikola NKLA, +6.44% said it lost $86.6 million, or 33 cents a share, in the quarter, compared with a loss of $16.8 million, or 6 cents a share, in the year-ago period. Adjusted for one-time items, Nikola lost 16 cents a share in the quarter. Analysts polled by FactSet had expected Nikola to post a GAAP loss of 13 cents a share on no revenue.Nikola went public in June, and shares doubled shortly after.
Within days, Tesla Inc. TSLA, +0.13% Chief Executive Elon Musk was urging his company to “go all out” with the Tesla Semi, the Silicon Valley auto maker’s long-haul electric truck, expected to be available in 2021.Nikola’s popularity is also part of a wave of IPOs through a special purpose acquisition corporation, or SPAC, also called blank-check companies. Electric-car maker Fisker Inc. also chose to go public through a SPAC.
Shares of Nikola have gained 273% this year, compared with gains around 2% for the S&P 500 SPX, +0.36% and contrasting with a loss around 6% for the Dow Jones Industrial Average. DJIA, +0.61% .
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