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Lucid Group shares up 12% Tuesday morning despite earnings miss

The Motley Fool · ·by G4L

LCID
LCID Lucid Group Inc
$3.66 -2.92%
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  1. 1Lucid Group reported a per-share loss of $2.30 for the third quarter.
  2. 2Lucid Group achieved a 30% reduction in cash burn compared to the previous quarter.
  3. 3CEO Silvio Napoli claimed Lucid is on track and a turnaround is beginning to show progress.

So what's the key point?

Lucid Group earned less money than expected but reduced its cash spending by 30%. The stock price rose because the company is showing signs of a turnaround.

Source The Motley Fool · View original ↗

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