FFIE - Faraday Future Shares Plummet On Disappointing FY23 Sales And Nasdaq Compliance Issues | Benzinga
Faraday Future Intelligent Electric Inc. (NASDAQ:FFIE) shares dropped sharply after the company reported worse-than-expected fiscal year 2023 sales results and withdrew its production target guidance. The company also received a written notice from Nasdaq regarding its failure to timely file the Quarterly Report on Form 10-Q, further impacting investor confidence.
What’s Going On: The company reported quarterly sales of $784 thousand, missing the analyst consensus estimate of $2.60 million by 69.73% and EPS of $(44.81) per share which beat the analyst consensus estimate of $(47.97) by 6.59%. Faraday Future also announced the withdrawal for the target guidance 2024 is due to current market conditions and funding levels.
Despite these setbacks, Faraday Future plans to unveil its “US-China ...