Enovix Corp Up 12.21% To $11.50 After Earnings Beat

Wednesday, November 8, 2023 - Enovix Corp (ENVX) reported upside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Enovix Corp were at a loss of $0.23 per share. The company beat those estimates with an EPS loss of $0.19 per share. The loss of $0.19 per share (which represents a -17% EPS surprise) led to the company's profits falling 27% compared to last year when the firm reported an EPS loss of $0.15 per share. The decline in Enovix Corp's annual growth rate represents how the business isn't performing well amid current economic conditions.

Consensus estimates for Enovix Corp revenue averaged out to $120 thousand, with the business managing to beat those expectations with reported third-quarter revenue of $200 thousand. The $80 thousand (67%) positive revenue surprise led to 2400% growth year-over-year as the firm reported revenue of $8,000.00 in its year-ago quarter. The lower earnings growth compared to revenue points to Enovix Corp not being able to improve its profit margin.

The stock is up 12.21% to $11.50 after the report.

The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Neutral Sentiment score at the moment based on recent trading.

Enovix Corp has performed a little below average during the past few months. Before the report, Enovix Corp received a Long-Term Technical Rank by InvestorsObserver of 34, putting it in the bottom half of stocks. The firm set a 52-week high on July 27, 2023 at $23.9 and set a 52-week low on January 4, 2023 at $6.5.

Enovix Corp is engaged in the business of advanced silicon-anode lithium-ion battery development and production. It is also developing its 3D cell technology and production process for the electric vehicle and energy storage markets to help enable the widespread utilization of renewable energy.