NIO (NYSE:NIO) earnings for the second quarter of 2019 is hitting NIO stock hard on Tuesday. That’s due to the electric car company only posting adjusted diluted losses per share of -45 cents for the quarter. This is far from the per-share loss of 18 cents that Wall Street was looking for. However, revenue for the quarter comes in at $219.70 million, which is above analysts’ estimate of $184.60 million.
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Now for the some highlights from the most recent NIO earnings report.
- The company notes that net sales for the quarter were down 7.5% YoY.
- Deliveries of the ES8 during the quarter were down from 3,989 last year to 3,140.
- Deliveries for the ES6 were sitting at 413 for the most recent quarter.
- In total, the company saw 3,553 deliveries, which is down from its 3,989 deliveries in the second quarter of 2018.
- As a result, vehicle sales for the quarter were $206.10 million
- That’s down 7.90% from vehicle sales in the same period of the year prior.
- Loss from operations during the quarter was -$469.90 million.
- This is a 72% wider loss from operations than what was reported in the second quarter of the year prior.
- Net loss for the most recent quarter comes in at -$478.60 million.
- That’s an 83% wider net loss than what was reported in the same time last year.
William Bin Li, Founder, Chairman and CEO of the Chinese Tesla (NASDAQ:TSLA) rival, has this to say about the future of the company.
“We target to reduce our global headcount to be around 7,800 by the end of the third quarter from over 9,900 in January 2019, and aim to further pursue a leaner operation through additional restructuring and spinning off some non-core businesses by year end.”
It’s also worth pointing out that Nio canceled its conference call going over the earnings report today.
NIO stock was down 23% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
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