Shares of Lucid were down following some less-than-ideal numbers in its final earnings report of the fiscal year.
Lucid (LCID), the company behind a fleet of luxury EVs, is out with its earnings results for Q4 2024. It’s not what shareholders were hoping for, as Lucid reported a miss on revenue expectations for the final quarter of its fiscal year.
Lucid’s earnings report was posted on its investor relations website after the close of markets today. Lucid reported $157.2 million in revenue against a $180 million expectation. While Lucid was expected to lose $0.31/share, the company ended up taking a less-than-expected loss of $0.29/share.
Source: Lucid
"Lucid is investing for the long term in technology, manufacturing and partnerships to further solidify our place in the market as the premier luxury EV brand in the world," said Peter Rawlinson, Lucid's CEO and CTO. "In 2023, we made our first strategic technology arrangement, gained market share, completed the Air lineup, and unveiled Gravity. As we start 2024, I'm very excited about the year ahead and beyond. We are entering the next transformational phase of the Lucid vehicle lineup and are laser-focused on growth."
Lucid stock was down in after-hours trading following the report. It was trading as low as $3.45/share after ending the day at $3.70/share. For more financial news, Shacknews has everything you need to know.
Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_
