Stock Track | Enovix Soars 19% After-Hours on Strong Q3 Results and New Smartphone Battery Deal

Stock Track

Oct 30, 2024

Enovix Corporation (NASDAQ: ENVX), a leading developer of advanced battery technologies, saw its stock price surge 19% in after-hours trading on October 29, 2024, driven by a combination of solid third-quarter financial results and a significant new business development.

In its Q3 2024 earnings report, Enovix delivered better-than-expected results, with adjusted earnings per share of -$0.17 beating analyst estimates of -$0.20, and revenue of $4.317 million exceeding the consensus estimate of $4.110 million. These positive surprises likely contributed to the stock's strong after-hours performance, as investors reacted favorably to the company's improving financial metrics.

However, the more significant catalyst for Enovix's share price rally was the announcement of a development agreement with one of the top global smartphone OEMs. Under this agreement, Enovix will work to develop a customized 100% active silicon anode battery for specific smartphone models targeted for launch in Q4 2025. This deal represents a substantial opportunity for Enovix to enter the high-volume smartphone market and highlights the potential of its advanced battery technology.

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Th","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"ENVX":"Enovix Corporation"},"translate_title":"得益于强劲的第三季度业绩和新的智能手机电池交易，Enovix盘后飙升19%","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"ENVX":1},"content_text":"Enovix Corporation (NASDAQ: ENVX), a leading developer of advanced battery technologies, saw its stock price surge 19% in after-hours trading on October 29, 2024, driven by a combination of solid third-quarter financial results and a significant new business development.\nIn its Q3 2024 earnings report, Enovix delivered better-than-expected results, with adjusted earnings per share of -$0.17 beating analyst estimates of -$0.20, and revenue of $4.317 million exceeding the consensus estimate of $4.110 million. 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