Volvo Cars Swings to SEK 5.73 Billion Q3 Loss as Revenue Falls

Volvo Cars swung to a net loss in the third quarter as revenue dropped 22.6% year over year, marking a reversal from its profit in the same period last year.

Revenue totaled SEK 66.896 billion, compared with SEK 86.439 billion a year earlier. Net loss was SEK 5.730 billion, after net income of SEK 4.511 billion in the prior-year quarter.

The company recorded a loss of SEK 1.63 per share, compared with earnings of SEK 1.75 per share a year earlier.