© Reuters Nio (NIO) jumps in pre-market following narrow 3Q losses
Shares of Chinese electric automaker, Nio Inc. (NYSE:) jumped 4% in pre-market trading after the company released their 3Q earnings report showing narrowing losses.
Nio announced revenue of 19.07 billion yuan in the quarter, coming in behind the consensus estimate of 19.4 billion. Revenue rose 47% year-on-year.
The automaker reported an adjusted EPS loss of 2.67 yuan, missing an expected loss of 2.53 yuan.
Investors are directing their attention towards the Chinese electric carmaker’s capacity to exhibit greater fiscal discipline while navigating its path towards profitability.
Nio’s CEO, William Li, reaffirmed the company’s commitment to enhanced efficiency as a fundamental focus.
“We have identified opportunities to optimize our organization, reduce costs and enhance efficiency,” Li said.
Several of these initiatives have begun to show positive results. In the third quarter, Nio reported a net loss of 4.6 billion yuan, marking a 24.8% decrease from the second quarter of 2023. However, it remained higher than the corresponding period in 2022.
Additionally, the company recently downsized its…
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