Nikola (NASDAQ:NKLA) stock is falling hard on Tuesday after the electric vehicle (EV) company reported revenue that was nowhere close to Wall Street’s estimates.
Nikola’s first-quarter earnings report includes revenue of $7.5 million. That’s a far cry from the $15.79 million in revenue that Wall Street was hoping for during the quarter, and it’s also a drop from the $10.68 million reported in the same period of the year prior.
It’s worth noting that this drags down NKLA stock today despite the company’s adjusted EPS of -9 cents. That’s better than the -10 cents that Wall Street was expecting. It’s also narrower than the -22 cents from the same time last year.
Nikola president and CEO Steve Girsky said the following in the earnings report:
“We continue to move forward rapidly and execute our plans. And please keep that in mind – we are in the execution phase, not the planning or concepting phase. Last quarter, I talked about getting on the field with the first deliveries of our hydrogen fuel cell electric trucks. Today, we are executing plays, competing, and cultivating more green shoots as we expand upon current markets and enter new ones.”
NKLA Stock Movement Today
Investors aren’t happy about Nikola’s latest revenue numbers. This has strong trading moving shares on Tuesday. That has more than 86 million units traded as of this writing. For the record, the company’s daily average trading volume is only just above that at 95 million shares.
NKLA stock is down 4.4% as of Tuesday morning. It’s also down 26.6% since the start of the year.
Investors will find even more of the most recent stock market stories below!
We have all of the hottest stock market news ready to go on Tuesday! A few examples include what’s happening with Peloton (NASDAQ:PTON), Palantir (NASDAQ:PLTR) and Rivian (NASDAQ:RIVN) stock. All of that news is available at the following links!
More Stock Market News for Tuesday
- PTON Stock Alert: Peloton Pops on Private Equity Interest
- PLTR Stock Falls as Palantir Reports Slowing Sales. Is This the End?
- RIVN Stock Alert: Is Rivian About to Partner With Apple?
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.
