SQM - SQM's Earnings Drop as Lithium Revenue Falls 21%
2023-08-21 10:00:00 ET
Chilean lithium giant Sociedad Quimica y Minera de Chile (NYSE: SQM) , or SQM, released lighter-than-expected second-quarter results late last Wednesday.
Investors didn't seem overly concerned that SQM's quarterly revenue and earnings missed Wall Street's expectations. Shares declined 1.6% on Thursday, though a decent portion of this drop was likely due to headwinds in the broader market. Major U.S. stock indexes fell on Thursday, with the S&P 500 and the tech-heavy Nasdaq Composite sinking about 0.8% and 1.2%, respectively.
As background, SQM is generally considered the world's second-largest lithium producer, behind U.S.-based Albemarle . In recent years, demand for the "white gold" has been strong, driven primarily by the growth of the electric vehicle market. EVs are powered by lithium-ion batteries.
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SQM's Earnings Drop as Lithium Revenue Falls 21%