Fisker (NYSE:FSR) stock is taking a beating on Tuesday after the company posted its earnings results for the third quarter of 2023.
One bit of news from that earnings report that is hitting FSR stock is a delivery update. The company is now expecting electric vehicle (EV) deliveries to range from 13,000 to 17,000 in 2023. That’s a reduction from its prior delivery guidance of 20,000 to 23,000 EVs for the year.
Fisker founder and CEO Henrik Fisker addressed delivery problems in the company’s earnings call:
“We have not been able to follow through with deliveries fast enough […] People have paid and are waiting for their cars, and some of them are really getting annoyed.”
FSR Stock Falls on Q3 Miss
To go along with that poor delivery data, Fisker failed to meet expectations during the quarter. That includes its earnings per share of -27 cents missing Wall Street’s estimate of -19 cents. Its revenue of $71.8 million was also worse than analysts’ estimate of $109 million.
If there’s one positive note here, it’s that EPS and revenue did improve year-over-year (YOY). EPS from Q3 2022 was -49 cents alongside revenue of just $14,000.
FSR stock is down 16.3% as of Tuesday morning and was down 40% year-to-date (YTD) when markets closed yesterday.
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On the date of publication, William White did not hold (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.
