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BYD beats profit forecasts in the first quarter of 2024
BYD records slight sales growth and 29% increase in profits in the first quarter of 2024. Share price rises by 0.92%. Learn more! #BYD #quarterly balance #increase in profits
BYD beats profit forecasts in the first quarter of 2024
The Chinese electric car manufacturer BYD presented its quarterly balance sheet, which shows a slight increase in sales. In the first quarter of 2024, BYD posted earnings per share of CNY 1.57, while analysts had expected CNY 1.38 per share. BYD recorded an increase compared to the same period last year, when earnings were CNY 1.42 per share.
The company's revenue for the quarter was CNY 124.94 billion, compared to CNY 120.17 billion in the same quarter last year. However, expert forecasts were at CNY 131.72 billion. The balance sheet was presented after-hours, and on the Shenzhen stock exchange, BYD shares closed Monday trading with an increase of 0.92 percent at 221.38 yuan.
The financial portal finanzen.net reported on BYD's quarterly balance sheet and pointed out the positive developments. The presentation of the quarterly balance sheet shows the Chinese electric car manufacturer's continued growth and stability in a highly competitive market environment. Investors are expected to react positively to the numbers and increase confidence in BYD as a leading player in the electric vehicle industry.