LTHM - Livent Stock Drops 3% on Earnings Miss and Lowered 2023 Guidance
2023-10-31 22:39:50 ET
Shares of Livent (NYSE: LTHM) dropped 3.2% in Tuesday's after-hours trading following the pure-play lithium producer's release of its third-quarter report.
The stock's decline is attributable to the quarter's revenue and earnings missing Wall Street's consensus estimate and management lowering its full-year 2023 guidance.
Demand for lithium has been strong in recent years, driven by the rapid adoption of electric vehicles (EVs), which are powered by lithium-ion batteries. However, lithium stocks have struggled this year because average lithium prices have come down from the record highs set late last year, along with the concern among some investors that too much production capacity might be coming online relatively soon.
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Livent Stock Drops 3% on Earnings Miss and Lowered 2023 Guidance