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Stock Of NIO Inc. NIO, Takes A Drastic Fall

After announcing a first-quarter loss and revenue that exceeded expectations, but a sharp contraction in gross margin and a downbeat outlook due to volatility in the supply chain and vehicle delivery challenges caused by the recent COVID-19 revival, shares of NIO Inc. (NYSE: NIO), +3.72 percent fell 2.0 percent Thursday premarket. RMB1.27 billion ($200.5 million), or RMB1.12 a share, was the year-over-year net loss, down from RMB4.95 billion ($3.14 a share), which was the net loss in the prior year. 

The adjusted loss per share was RMB0.79, better than the FactSet average of RMB0.94 when nonrecurring items are excluded. There were 25,768 automobiles delivered in the third quarter, a new high for the period, bringing total revenue up 24.2% to RMB9.91 billion ($1.56 billion). 

Due to a shift in product mix, more investment in the power and service network, and higher battery costs, gross margins were reduced to 14.6 percent from 19.5 percent. A lower-than-anticipated FactSet estimate of RMB11.65 billion is predicted for NIO’s second-quarter revenue, with sales likely to drop to 23,000 to 25,000 units. This year, NIO’s stock has plummeted 35.7 percent, while the iShares China Large-Cap ETF FXI, +2.75 percent has declined 7.0 percent, and the S&P 500 SPX, -1.08 percent has fallen 13.7 percent.

The post Stock Of NIO Inc. NIO, Takes A Drastic Fall appeared first on Best Stocks.

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