Volkswagen AG (VOW) Q1 2016 Earnings: Revenue Drops 3.4%, Fails To Meet Analyst Expectations
UDPATE: 4:00 a.m. EDT — Volkswagen reported a 3.4 percent year-on-year drop in first quarter revenue Tuesday. In the three-month period ending March, revenue came in at 50.96 billion euros ($56.7 billion), down from 52.7 billion euros and below the 51.7 billion euros forecast by analysts.
The carmaker also reported a 19 percent drop in net profits in the quarter as the figure came in at 2.37 billion euros, down from 2.93 billion euros in the same quarter last year.