PTRA - Why Proterra Stock Is Plunging Today
2023-03-16 12:15:51 ET
Shares of Proterra (NASDAQ: PTRA) , an electric bus maker and electric vehicle (EV) tech company , were plummeting today after the company reported fourth-quarter results that missed both top- and bottom-line consensus estimates. Additionally, the company issued weak guidance for the full year.
As a result, Proterra's stock tumbled 47% as of 12:04 p.m. ET
Proterra reported revenue of $80 million in the fourth quarter, which was up 17% from the year-ago quarter but missed analysts' consensus estimate of $86.8 million. Additionally, Proterra's loss of $0.50 per share in the quarter was worse than the company's loss of $0.43 in the year-ago quarter and far below Wall Street's consensus estimate of a loss of $0.25 per share.
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Why Proterra Stock Is Plunging Today