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Geely's Volvo Cars 3Q OP Up 11% Beats; Stock Price Surges 40% Once
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Volvo Cars, under Zhejiang Geely Holding, announced its third-quarter results. Its operating profit climbed 11% YoY to SEK6.4 billion, surpassing market expectations of SEK5.8 billion. The revenue fell 7% YoY to SEK86.4 billion. The company stated that the rise in quarterly operating profit was fueled by a cost-saving plan amounting to SEK18 billion. Volvo Cars' stock price last mushroomed 33%, with intra-day trading reaching a 41% increase, marking the largest intra-day gain since the company's listing four years ago. AASTOCKS Financial News Website: www.aastocks.com |
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