- NIO Inc (NYSE:NIO) reported second-quarter FY22 sales growth of 21.8% year-on-year, to RMB 10.3 billion ($1.54 billion), beating the consensus of $1.43 billion.
- Q2 vehicle deliveries increased 14.4% Y/Y to 25,059 units.
- Vehicle sales grew 21% Y/Y to RMB9.57 billion ($1.43 billion), and the vehicle margin contracted 360 basis points to 16.7%.
- Gross profit for the quarter decreased 14.8% to RMB1.34 billion ($200.1 million) and the gross margin contracted by 560 basis points to 13%.
- Loss from operations widened to RMB(2.85) billion or $(424.8) million.
- The company held $8.1 billion in cash and equivalents as of June 30, 2022.
- Adjusted EPS loss of $(0.20) missed the analyst consensus of $(0.17).
- Outlook: NIO sees Q3 vehicle deliveries of 31,000 – 33,000.
- The company expects Q3 revenue of RMB12.845 billion ($1.918 billion) – RMB13.598 billion ($2.030 billion), against the consensus of $2.320 billion.
- Price Action: NIO shares are trading lower by 3.97% at $16.43 in premarket on the last check Wednesday.
- Photo Via Company
IBM Asks Remote Managers To Either Relocate Close To Office Or Leave Company
Remote workers, except for those with exceptions like medical issues or military service, who live too far to commute to an IBM facility, have until the start of August to move within 50 miles of an office. Those who fail to comply will be separated from the company.
