ENVX - Enovix Stock Is Surging Wednesday: What's Going On? | Benzinga
Enovix Corp (NASDAQ: ENVX) shares are trading higher Wednesday after the company reported better-than-expected financial results and issued strong guidance.
What Happened: Enovix reported third-quarter revenue of $200,000, which beat the consensus estimate of $120,000, according to Benzinga Pro. The company reported an adjusted loss of 19 cents per share, which beat estimates for a loss of 23 cents per share.
Enovix said it commenced FAT of Gen2 equipment on schedule in August and expects to receive the first equipment at Fab2 in November.
The company ended the quarter with $371.3 million in cash, equivalents and short-term investments.
"Our focus is clear: Give OEMs ...