Shares of Chinese electric vehicle maker BYD Company plummeted as much as 5.42% on October 31st after the company reported its third-quarter earnings results, which fell short of market expectations.
BYD announced a net profit of 11.61 billion yuan ($1.62 billion) for the July-September quarter, representing an 11% year-over-year increase. However, this failed to impress investors, who had higher expectations for the company's performance.
The earnings disappointment triggered a broad sell-off in BYD's shares, which closed 3% lower in both Hong Kong and Shanghai trading on the day the results were released. The stock continued its decline on the following day, slumping a further 5.42% in the first hour of trading on October 31st.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.