Home Business News Nikola stock jumps after narrower-than-expected loss, disclosure of estimated $125 million civil penalty

Nikola stock jumps after narrower-than-expected loss, disclosure of estimated $125 million civil penalty

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Nikola stock jumps after narrower-than-expected loss, disclosure of estimated $125 million civil penalty

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Shares of Nikola Corp.
NKLA,
+11.09%

surged 10.7% toward a more than three-month high in morning trading Thursday, after the electric vehicle maker reported a third-quarter loss than widened from a year ago, but was narrower than analysts were expecting. That helped offset the disclosure that it has reserved a $125 million loss as its “best estimate” of a civil penalty related to a Securities and Exchange Commission investigation into securities fraud by Founder and former Executive Chairman Trevor Milton. The net loss was $267.6 million, or 68 cents a share, after a loss of $79.7 million, or 31 cents a share, in the year-ago period. Excluding nonrecurring items, the adjusted per-share loss of 22 cents beat the FactSet loss consensus of 25 cents. The company recorded no revenue in the latest quarter, or in the year-ago quarter. The company said for the fourth quarter, it expects to deliver “pre-series” Nikola Tre battery electric vehicles for use on public roads hauling customer freight. The stock, on track for the highest close since July 28, has climbed 32.8% over the past three months but lost 7.8% year to date, while the S&P 500
SPX,
+0.46%

has advanced 24.5% this year.

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