10 Companies Reflect Market Decline

1. Polestar Automotive Holding UK Plc (NASDAQ:PSNY)

Swedish automaker Polestar Automotive (PSNY) became Thursday’s biggest loser, with its share prices diving by 11.07 percent to end at $1.08 apiece.

Investors sold off positions after the company released disappointing earnings results for the first nine months of the year.

According to the company, revenues for the third quarter declined by 10 percent to $550.7 million from $608.6 million year-on-year, dragging down its nine-month revenues by 21 percent to $1.45 billion from $1.85 billion year-on-year.

Polestar pointed to lower global vehicle sales of Polestar 2, coupled with higher discounts in a highly competitive market, and a delay in sales ramp-up of new carlines as having weighed on revenues.

Given the disappointing earnings results, Polestar also adjusted its full-year 2024 targets.

“The company now expects a mid-teens percentage decline in revenue and a negative gross margin around the same level as the full year 2023…Other one-time events also contributed to a difficult [fourth quarter], including a market value adjustment of inventory as well as continuing market pressure from discounting. A solid order intake for new models in late [fourth quarter] signals an encouraging start to 2025,” it said.

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Disclosure: None. This article was originally published at Insider Monkey.