Romeo Power (NYSE:RMO) stock is taking a beating on Tuesday and it has to do with a recent announcement from the energy technology company.
Source: buffaloboy / Shutterstock.com
Let’s dive into the news that has RMO stock falling today below!
- The big announcement today is Romeo Power’s earnings report for the second quarter of 2021.
- This saw the company report diluted losses per share of 22 cents.
- That misses Wall Street’s estimate of -16 cents per share for the quarter.
- It’s also worse than the company’s diluted losses per share of 9 cents from the same time last year.
- Revenue of $926,000 also didn’t do RMO stock any favors today.
- That’s nowhere near the $2.37 million in revenue that analysts were looking for.
- It’s also a decline from the company’s revenue of $$1.13 million from the same period of the year prior.
- A net loss of $28.67 million is another negative from the most recent earnings report.
- This is much wider than the company’s net loss of $7.03 million from the second quarter of 2020.
- It’s worth noting that Romeo Power’s cash, cash equivalents, and investments at the end of the quarter were $267.7 million.
Susan Brennan, president and CEO of Romeo Power, said this in the earnings report.
“Romeo Power is building a foundation to shape the future of EV technology. As we look ahead, we have significantly bolstered our position for cell supply while continuing to increase value with our customers. Alongside our strengthened leadership team, I am looking forward to driving and executing on our shared commitment to expanding access to green energy solutions.”
RMO stock was down 19.4% as of Tuesday morning.
Investors looking for more stock news today will want to stick around!
InvestorPlace tracks the stock market daily and provides up-to-date coverage on it. For today, that includes what to expect from the market, the biggest pre-market stock movers, as well as a quick overview of what happened to the market yesterday. You can find all of that at the links below!
More Tuesday Stock Market News
- What Will the Stock Market Do Today, Aug. 17? 3 Big Stories to Watch.
- Today’s Biggest Pre-Market Stock Movers: 10 Top Gainers and Losers on Tuesday
- What Did the Stock Market Do Today, Aug. 16? 3 Big Stories to Catch Up On.
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.
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