NIO reports loss in the second quarter, yet stock rises significantly

9/7/2024, 11:45 AM

NIO reports a loss of CNY 2.50 per share in the second quarter of 2024, slightly missing revenue expectations.

Eulerpool News Sep 7, 2024, 11:45 AM

The Chinese electric car manufacturer NIO has released its figures for the second quarter of 2024 ahead of its US stock market debut, reporting a loss of 2.50 CNY per share.

This does represent an improvement over the previous year's loss of 3.70 CNY per share, but it fell short of analysts' expectations, who had anticipated a smaller loss of 2.21 CNY per share.

Despite the continued negative result, NIO recorded strong revenue growth. Revenue for the second quarter amounted to 17.446 billion CNY, almost doubling compared to 8.772 billion CNY in the same period last year.

Nevertheless, NIO was narrowly unable to meet the analysts' revenue expectations, which stood at 17.49 billion CNY.

However, the stock reacted positively to the quarterly figures and temporarily rose by 8.20 percent to 4.585 U.S. dollars in trading on the New York Stock Exchange.

Investors appear to view the improved losses and significant revenue growth positively despite the missed forecasts.

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