Starting off the negative news for LI stock is revenue of 8.73 billion yuan. That’s worse than the 9.5 billion yuan that Wall Street was expecting for the quarter. Even if it’s a 73.3% increase from the 5.04 billion yuan reported in the same period of the year prior.
Also not helping matters is the company’s outlook for the third quarter of the year. It’s expecting revenue for the quarter to range from 8.96 billion yuan to 9.56 billion yuan. That would only be a growth of 15.3% to 22.9% compared to the third quarter of 2021.
It’s also worth looking at EV deliveries for the quarter. The company reported total deliveries of 28,687, which is a 63.2% year-over-year increase compared to 17,575. As for Q3, the company is estimating deliveries of between 27,000 and 29,000 EVs.
Tie Li, CFO of Li Auto, said the following in the Q2 earnings report.
“We are pleased with our solid second quarter results in the face of numerous pandemic-related challenges. The power of our product, our execution consistency, and operational resilience enabled us to mitigate the cost inflation affecting the entire industry.”
While LI stock started off Monday down, it’s since recovered. This has shares up 1.7% as of this morning.
Investors looking for more recent stock market news will want to keep reading!
We’ve got all of the latest stock market coverage traders need to know about for Monday! Among that is what has shares of Moderna (NASDAQ:MRNA), Unity Software (NYSE:U), and Cryptyde (NASDAQ:TYDE) stock on the move today. You can find out all about that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.