Enovix Stock Drops Desite Beating Q1 Estimates: Details

Benzinga05:03

Enovix Corp. (NASDAQ:ENVX) shares dropped after the company posted its first-quarter results after Wednesday’s closing bell and weak forward guidance.

Here's a look at the details inside the report.

ENVX stock is moving. Watch the price action here.

ENVX Q1 Details

Enovix reported quarterly losses of 14 cents per share, which beat the analyst consensus estimate for losses of 16 cents, according to Benzinga Pro data.

Quarterly revenue came in at $7.6 million, which beat the Street estimate of $6.95 million by 9.34%. The company said the increase in revenue primarily reflects continued strength in defense and industrial shipments.

“Smartphones remain our priority as we advance toward completing qualification with our lead customer and prepare for commercial production for the most demanding market in consumer electronics,” said Dr. Raj Talluri, CEO of Enovix.

Read Also: GameStop CEO Ryan Cohen Wants eBay, Says He'll Do 'Whatever' It Takes

Looking Ahead

Enovix expects second-quarter adjusted losses per share of 17 cents to 13 cents, versus the loss of 15 cents estimate, and revenue in a range of $8 million to $9 million, versus the $8.58 million analyst estimate.

ENVX Stock Price: According to data from Benzinga Pro, Enovix stock was down 11.39% to $6.46 in Wednesday's extended trading.

Photo: Shutterstock

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