The electric delivery vehicle manufacturer Workhorse Group Inc (NASDAQ:WKHS) saw its stock start the week badly on Monday as it declined by 15%. However, the situation has not been much different today as the stock has already tanked as much as 12%.
The crash in the Workhorse stock price is related to its poor performance in the first quarter of 2021, the results of which were announced yesterday. Workhorse generated revenues of $521600 in the quarter, which was considerably lower than Wall Street analysts’ estimates of $2.61 million.
However, that was not all. The company suffered losses of $1.04 per share, which was, again, much higher than the analysts’ estimates of losses of 17 cents a share. That being said, it should also be noted that the revenues generated in the quarter surpassed the revenues in the year-ago period by 518.1% and losses came in at $153.06 million, which was also far deeper than losses of $8.27 million in Q1 2020.
WKHS stock is now down 2.50% at $8 after hitting a session low of $7.20.
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A hardcore tech enthusiast and computer expert Uson Abdilazhanov who holds a degree in communications started writing in his personal blogs since 2012. That time he was interested in the technical part of the computer. But now the software aspect plays an important role in his career. Currently, he runs a PC building and repairing shop which helps a lot of designers and gamers who always like to try new things.