Enovix Corporation (NASDAQ:ENVX) shares are plummeting on Thursday after the company released third-quarter results and issued fourth-quarter guidance that fell short of analyst expectations.
- ENVX is encountering selling pressure. Check the fundamentals here.
What Happened: Enovix reported quarterly losses of 14 cents per share, versus the analyst consensus estimate for a loss of 16 cents per share.
The company reported quarterly sales of $7.99 million, versus the analyst consensus estimate of $7.93 million, marking an 85.08% increase compared to sales of $4.3 million in the same period last year.
“This quarter was marked by meaningful progress with our lead smartphone customer, as we continued advancing toward commercial launch of our AI-1 cell,” said Raj Talluri, president and CEO of Enovix. “Our AI-1 battery has been independently validated as having the highest energy density reported for a smartphone battery, our marquee customer programs are moving towards commercial launch and our manufacturing capabilities at Fab2 are steadily progressing.”
Enovix expects a fourth-quarter adjusted loss of 16 cents to 20 cents per share, versus estimates for a loss of 14 cents per share.
The company anticipates fourth-quarter revenue between $9.5 million and $10.5 million, versus the analyst consensus estimate of $12.05 million. The weaker-than-expected guidance appears to be weighing on shares.
Following the earnings report, Cantor Fitzgerald analyst Derek Soderberg maintained an Overweight rating on Enovix, but lowered the price target to $25 from $30.
ENVX Price Action: Enovix shares were down 21.38% at $8.90 at the time of publication on Thursday, according to Benzinga Pro.
Read Next:
- AI Stocks Slide Again, Bitcoin Dips Near $100,000: What’s Moving Markets Thursday?
Image: Tada Images/Shutterstock
