Business
Why the Carbon Revolution (ASX:CBR) share price zoomed 8% higher
The Carbon Revolution Ltd (ASX: CBR) share price is on course to end the week with a strong gain.
In afternoon trade the carbon fibre wheels-focused advanced manufacturing company’s shares are up 8% to $2.96.
Why is the Carbon Revolution share price storming higher?
The catalyst for the strong gain by the Carbon Revolution share price on Friday was the release of its second quarter update this morning.
According to the release, as expected by management, Carbon Revolution’s sales continued to be impacted by COVID-19 headwinds during the second quarter. The quarter was also subject to manufacturing seasonality on another key customer program.
This led to the company reporting quarterly revenue of $5.6 million. This was down…
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