{"id":45586,"date":"2023-08-07T18:41:22","date_gmt":"2023-08-07T22:41:22","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/lucid-misses-earnings-estimates-share-rise-anyway\/"},"modified":"2023-08-07T18:41:24","modified_gmt":"2023-08-07T22:41:24","slug":"lucid-misses-earnings-estimates-share-rise-anyway","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=45586","title":{"rendered":"Lucid Misses Earnings Estimates. Share Rise Anyway."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000714143\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>\n        Lucid<br \/>\n       earnings missed Wall Street expectations. Still, results were good enough to send share of the embattled EV maker higher in after hours trading Monday. <\/p>\n<p>The company reported a second-quarter per-share loss of 40 cents from sales of about $151 million. Wall Street was looking for a per-share loss of 34 cents from sales of $182 million.<\/p>\n<div class=\"paywall\">\n<p>\n        Lucid<br \/>\n       (ticker: LCID) stock was up 3.9% in late trading Monday after dropping 3.2% in regular hours trading, while the<br \/>\n        S&amp;P 500<br \/>\n       and<br \/>\n        Nasdaq Composite<br \/>\n       gained 0.9% and 0.6%, respectively. Price cuts announced by Lucid weighed on shares. <\/p>\n<p>More important than second-quarter earnings, Lucid said it is on track for production of more than 10,000 units. <\/p>\n<p>That is in line with recent guidance provided in May. At the start of the year, Wall Street had expected Lucid to manufacture closer to 20,000 units.<\/p>\n<p>The decline in expected production is one reason Lucid stock has struggled. Through Monday trading, shares are down about 6% year to date and off about 64% over the past 12 months. <\/p>\n<p>Lucid ended the quarter with more than $5 billion on its books. Cash used to build its business in the second quarter was about $900 million. <\/p>\n<p>Wall Street estimates that Lucid will use about $1 billion each quarter. Positive free cash flow isn\u2019t projected until late in the decade and is predicated on rising sales. <\/p>\n<p>\u00a0Lucid sold 2,810 vehicles in the first half of 2023. It produced 4,487, leaving about\u00a05,500\u00a0to hit its guidance. Sales trailing production isn\u2019t good news for any auto maker.<\/p>\n<p>Write to Al Root at allen.root@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/lucid-misses-earnings-share-rise-69d8c4ac?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lucid earnings missed Wall Street expectations. Still, results were good enough to send share of the embattled EV maker higher in after hours trading Monday. The company reported a second-quarter per-share loss of 40 cents from sales of about $151 million. Wall Street was looking for a per-share loss of 34 cents from sales of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":45587,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-45586","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lucid Misses Earnings Estimates. Share Rise Anyway. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Lucid earnings missed Wall Street expectations. 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