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Shares of Nikola are up about 60% this year.
Courtesy Nikola
Shares of electric heavy-duty truck maker
Nikola
fell sharply after the company reported better-than-expected second-quarter results. But the earnings numbers aren’t the only things that matter right now.
Nikola (ticker: NKLA) reported a loss per share of 20 cents from sales of $15.4 million on Friday morning. Wall Street was looking for a 22-cent loss from sales of $15 million. The company produced 33 trucks and delivered 45 in the quarter.
That compares to a loss of 26 cents on sales of $11.1 million in the previous quarter. The company produced 63 trucks and delivered 31 in that quarter. In the year-ago quarter, Nikola reported a 25-cent loss from sales of $18.3 million, and produced 50 trucks and shipped 48.
Nikola stock closed up 12% to $3.40 on Thursday before results were released. Shares fell 26% to $2.50 on Friday, while the
S&P 500
and
Nasdaq Composite
fell 0.5% and 0.4%, respectively.
Shares were initially up after-hours after a long-running and strange saga for Nikola came to an end Thursday evening. After months of trying, the company announced that Proposal 2 had received enough votes from shareholders to pass. Approval was necessary for Nikola to issue more shares that can be sold to raise needed capital.
The proposal took time to pass because not enough shareholders were voting. In previous votes, a majority of voters were in favor of Proposal 2, but the shareholders voting yes didn’t have enough shares to amount to 50% of the total shares outstanding.
Most of the time, issuing…
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