$PSNY News from Yahoo Finance: Polestar stock surges after reporting first-ever profit as a public company

In something of a change this earnings season, an electric carmaker (other than Tesla) actually reported a profit for the quarter.

Polestar (PSNY), the Swedish-based company backed by Volvo and China’s Geely, reported its first gross profit as a public company since completing its SPAC merger earlier this year.

For the quarter, Polestar reported:

  • EPS: $0.14 vs. ($0.12) est.
  • Revenue: $435M vs. $471M est.

Though Polestar did miss on the top line, sales were up 105% for the quarter versus last year, and it was enough to eke out a $4 million gross profit for the quarter. The company was able to trim its operating loss for Q3 by one-third compared to last year as well.

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