- REUTERS/Tobias Schwarz
Volkswagen’s Q3 results have just rolled out, and as expected, they are not pretty.
It’s the company’s first quarter-on-quarter loss in 15 years.
The loss runs to €3.48 billion ($3.84 billion or £2.51 billion), worse than the €3.26 billion ($3.60 billion or £2.35 billion) expected.
According to Reuters, the automaker is reporting that full-year profits will be “significantly below” last year’s levels.
The third quarter includes Volkswagen’s nightmarish emissions scandal – in September, the US environmental regulator reported that the company had cheated in emissions tests.
After an immediate slump on Wednesday, stock prices surged back – less than 15 minutes after the results came out, the stock is up by over 3%.