Lucid Group (LCID, Financial) saw its stock jump over 6%, and it was up 3.5% at $2.29. The company reported third-quarter results that slightly exceeded Wall Street forecasts, thanks to successful cost-cutting measures.
Lucid's revenue for the third quarter was $200 million, slightly exceeding the expected $198 million. However, the net loss widened to $992.5 million, compared to a $630.9 million loss in the same period last year. Adjusted per-share loss was 28 cents, better than the anticipated 30 cents.
Research and development expenses rose to $324.4 million, a 40.1% increase from the previous year. Sales, general, and administrative costs were $233.6 million, up 23.1%. However, costs related to revenue and restructuring showed a significant decline compared to the previous year.
