Shares of Enovix Corporation (ENVX), a leading developer of lithium-ion batteries, plunged 5.44% in after-hours trading on Tuesday, following the company's release of its third-quarter 2024 earnings results.
In its Q3 earnings report, Enovix disclosed that it had missed analysts' expectations for both revenue and earnings. The company cited supply chain challenges, rising costs, and production delays as factors that weighed on its financial performance during the quarter.
While Enovix reiterated its long-term growth plans and its commitment to scaling up production of its advanced battery technology, investors appeared concerned about the company's ability to execute on its ambitious goals in the near term. The disappointing Q3 results fueled uncertainty about Enovix's path to profitability, prompting a sell-off in the stock.
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