Quantumscape (QS) Drops 7% on Lack of Leads

We recently published Wall Street’s 10 Worst Performing Stocks. QuantumScape Corporation (NYSE:QS) is one of the worst performers on Wednesday.

QuantumScape fell anew on Wednesday, shedding 7.03 percent to close at $12.83 apiece, as investors finished pricing in its earnings performance in the second quarter of the year.

In its latest earnings release, QuantumScape Corporation (NYSE:QS) said it narrowed its net loss attributable to shareholders by 6.8 percent to $114.7 million from $123 million in the same period last year. Net loss for the first semester of the year also shrank by 6 percent to $229 million from $243.6 million year-on-year.

Loss from operations came in at $123 million during the quarter, lower by 8 percent than the $134 million in the same period last year. This put its first half loss from operations down by 7 percent to $247 million from $266 million year-on-year.

Photo by Mika Baumeister on Unsplash

On the same day, QuantumScape Corporation (NYSE:QS) announced deepening its collaboration with the Volkswagen Group following the expansion of a strategic collaboration and licensing agreement with its subsidiary, PowerCo SE.

Under the agreement, both companies will work on accelerating QSE-5 battery development.