Daimler posts revenue at €37.2B in Q1, down 7% YoY

Wednesday, 29. April 2020 07:18

Daimler AG announced on Wednesday that its revenue for the first quarter of the fiscal year stood at €37.2 billion, decreasing 7% on an annual basis. The company's earnings per share slumped 95% in the same three-month period compared to the same trimester of the previous year to land at €0.09, while its net profit was at €168 million, plummeting 92% annually.

The German car manufacturer sold a total of 644,300 vehicles in three months ending March, marking a drop of 16.7% year-over-year.

"The COVID-19 pandemic has substantial effects on the global economy - and our company. We took the proactive decision to stop production in March, and moved very quickly into cash preservation and cost management mode. As a consequence, Daimler ended the first quarter with a positive result and a robust liquidity," Daimler's Chairman of the Board of Management Ola Kallenius said in a statement.

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Breaking the News / GA