Faraday Future (NASDAQ:FFIE) stock is down on Wednesday following the release of the electric vehicle (EV) company’s earnings report for its full fiscal year of 2023.
The bad news for Faraday Future starts with its revenue of $800,000 during the year. That’s worse than the $2.59 million in revenue that Wall Street was expecting. Investors will note this is the first year the company has reported revenue.
One improvement for FFIE was its net loss. This came in at -$432 million during the year. That’s better than the -$602 million reported in 2022. It’s worth noting that Faraday Future only started selling EVs during its third quarter of the year.
Faraday Future Global CEO Matthias Aydt said the following in the earnings report:
“Looking forward, I am excited by the future as we remain steadfast in our pursuit of growth through efficiency and the new markets we entered in 2023. We remain dedicated to elevating both our product strength and stockholder value.”
What’s Next for FFIE Stock?
It’s hard to know what will happen with FFIE in 2024 when the company withdraws its production outlook for the year. The one thing that is clear is this isn’t a good sign for investors in Faraday Future.
FFIE stock is down 31.6% as of Wednesday morning. This comes with 55.1 million shares traded. That’s still below its daily average trading volume of about 95.4 million units.
Investors will want to keep reading for all of the latest stock market stories today!
We have all of the hottest stock market news available on Wednesday! A few examples include what’s going on with shares of Banzai International (NASDAQ:BNZI) and Reshape Lifesciences (NASDAQ:RSLS) stock, as well as the biggest pre-market stock movers this morning. All of that info is available at the following links!
More Wednesday Stock Market News
- Why Is Banzai International (BNZI) Stock Up 25% Today?
- Why Is Reshape Lifesciences (RSLS) Stock Up 80% Today?
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Wednesday
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
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.
