Polestar Automotive Stock Jumps On Q3 Profit

by Shivani Kumaresan, Benzinga Staff Writer

November 11, 2022 8:40 AM | 1 min read | Make a Comment

Polestar Automotive Holding UK PLC PSNY reported third-quarter FY22 sales growth of 105% year-on-year, to $435 million versus $213 million last year.
The gross profit for Q3 was $4 million versus a loss of $(35) million last year with a margin of 0.9%.
Selling, general and administrative expenses fell 10% to $179 million.
The operating loss for the quarter narrowed to $(196) million.
The company held $988.3 million in cash and equivalents as of September 30, 2022.
EPS was $0.14 versus $(1.30) last year.
Price Action: PSNY shares are trading higher by 25.44% at $5.71 in premarket on the last check Friday.
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