: QuantumScape stock drops 14% after narrower quarterly loss


QuantumScape Corp. QS, +32.29% late Wednesday posted a narrower-than-expected quarterly loss, but the stock fell more than 14% in the extended session. In a letter to shareholders, the company, which is developing a solid-state battery for electric vehicles, said that it hit important milestones in 2022 but must “continue to improve cell reliability as we move from prototype to product.” QuantumScape lost $109 million, or 25 cents a share, in the fourth quarter, compared with a loss of $67 million, or 16 cents a share, in the year-ago quarter. Analysts polled by FactSet expected a loss of 29 cents a share in the quarter. QuantumScape is a pre-revenue company. It guided for full year 2023 capital expenditures between $100 million and $150 million, and cash operating expenses between $225 million and $275 million. The stock ended the regular trading day up 32%.

This article was originally published by Marketwatch.com. Read the original article here.

Previous articleEarnings Results: Cisco stock gains after earnings and revenue beat, annual forecast raised
Next articleThe Wall Street Journal: Mark Meadows, Trump’s former chief of staff, subpoenaed by special counsel


Please enter your comment!
Please enter your name here