Faraday Future (NASDAQ: FFIE) stock plummeted in pre-market trading Wednesday after the EV maker announced the release date for its fourth quarter and full-year earnings.
Faraday Future (FFIE) recently announced it plans to host a conference call to discuss its fourth-quarter and full-year 2023 financial results on Tuesday, May 28, at 8:00 p.m. ET. According to Benzinga Pro estimates, analysts forecast that the EV company will report quarterly losses of $3.51 per share on revenue of $2.039 million.
The announcement comes amid a dramatic surge in Faraday Future’s stock price last week, which soared more than 8000% during a retail-fueled rally in heavily shorted stocks. The stock reached an intraday high of $3.90 on Friday before reversing to close in the red. This extreme volatility is underscored by data from Benzinga Pro, which indicates that 85.71% of Faraday Future shares are being sold short.
Despite this recent stock performance, Faraday Future faces considerable financial challenges. The company received a delisting notice from Nasdaq on April 24, as its share price had remained below 10 cents for ten consecutive days.
The upcoming conference call will allow Faraday Future to elaborate on its financial results, address the recent stock volatility, and outline its strategy to overcome its current challenges. Investors and analysts will keenly listen for signs of a turnaround or further indications of financial distress.
Faraday Future (NASDAQ: FFIE) Stock Reaction
As of 09:37 a.m. (Eastern Time) Wednesday, FFIE stock traded at $1.16, marking a 16.54% decrease compared to the previous trading session.
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