QuantumScape (QS) Tumbles 12.5%, Investors Shun Q3 Earnings

We recently published Market Shockers: 10 Stocks Collapse by Double Digits. QuantumScape Corp. (NYSE:QS) is one of the best performers on Wednesday.

Shares of QuantumScape fell by 12.50 percent on Wednesday to end at $13.58 apiece as investors sold off positions amid an overall market pessimism, shunning the company’s improved earnings performance in the third quarter of the year.

In an updated report, QuantumScape Corp. (NYSE:QS) said that it narrowed its net loss by 11.5 percent to $105.8 million from $119.6 million in the same period last year, while loss from operations dwindled by 11.6 percent to $114.99 million from $130.16 million year-on-year.

During the quarter, the company also successfully shipped its most advanced QS cells to date, the Cobra-based QSE-5 B1, following the launch of the product through the Volkswagen Group’s Ducati V21L motorcycle.

In line with its expansion program, QuantumScape Corp. (NYSE:QS) is installing a highly automated cell production pilot line, the Eagle Line, at its headquarters in San Jose, California.

“We are working together with our partners to bring our groundbreaking solid-state lithium-metal battery technology to market as quickly as possible. This announcement is another critical step toward achieving our goal of revolutionizing energy storage,” QuantumScape Corp. (NYSE:QS) COO Luca Fasoli said.

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Disclosure: None. This article is originally published at Insider Monkey.