Canoo Shares Fall 7.6% on 2Q Results

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Canoo Shares Fall 7.6% on 2Q Results

Dow Jones2022-08-09

Canoo Inc. shares were 7.6% lower after hours on Monday after the company reported that its losses widened in the second quarter.

The company said recorded a loss of $164.4 million, or 68 cents per share, compared with last year's second-quarter loss of $122.6 million, or 50 cents per share.

Chief Executive Tony Aquila said Canoo has more than $1 billion in its sales pipeline.

Last month, Walmart Inc. agreed to buy 4,500 of Canoo's upcoming electric delivery vehicles as it looks to bolster its e-commerce delivery service. Under the agreement, Walmart has an option to purchase up to 10,000 vehicles.

Canoo said it expects operating expenses for the second half of the year to be between $200 million and $245 million. It also anticipates $100 million to $125 million in capital expenditures.

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Vincent1968
·2022-08-09
Okie
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FGP
·2022-08-09
Tough road. NiO similar situation but survive and now emerge strongly with 6models, BaaS sys and many more innovations. NiO👍
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Ahsiang
·2022-08-09
Jialat
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