BMW posts first quarterly loss in over 10 years
Deliveries of luxury cars fell by 25% during the period
Stocks impacted: Bayerische Motoren Werke AG (BMW)
BMW lost 666 million euros before interest and taxes in the second quarter, down from a 2.2-billion-euro profit in the same period last year. It was its first quarterly deficit since the financial crisis in 2009. Revenue for the quarter dropped to 19.97 billion euro from 25.72 billion euro. The German manufacturer also reported that deliveries of luxury cars fell by 25% during the period. Dismal results came as no surprise for the company itself that warned it would post a second quarter loss and slashed its outlook in May citing the pandemic. The firm backed its guidance for 2020. BMW stocks fell as much as 4.4% in early trading but managed to trim intraday losses to 2.5% later. The shares have lost more than 20% this year.
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