REE Automotive Ltd. Reports Q1 Loss, Lags Revenue Estimates
REE Automotive Ltd. (NASDAQ: REE) came out with a quarterly loss of $1.96 per share versus the Zacks Consensus Estimate of a loss of $1.81. This compares to loss of $2.40 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -8.29%. A quarter ago, it was expected that this company would post a loss of $2.32 per share when it actually produced a loss of $3.11, delivering a surprise of -34.05%.
Over the last four quarters, the company has not been able to surpass consensus EPS estimates.
REE Automotive, which belongs to the Zacks Automotive – Original Equipment industry, posted revenues of $0.16 million for the quarter ended March 2024, missing the Zacks Consensus Estimate by 60%. This compares to zero revenues a year ago.
The sustainability of the stock’s immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management’s commentary on the earnings call.
REE Automotive shares have lost about 8.6% since the beginning of …
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