Volvo Car 1Q Earnings Beat Forecasts, Cautions on Volatile Environment

Electric-powered Volvo XC40 cars are seen at the Auto Zurich Car Show 2022 in Zurich, Switzerland November 10, 2022. Photo: ARND WIEGMANN/REUTERS

Volvo Car AB on Thursday posted a smaller-than-expected drop in first-quarter earnings and cautioned that the external environment remains challenging and volatile.

Net profit attributable to shareholders slipped to 3.61 billion Swedish kronor ($349.8 million) from SEK3.85 billion a year earlier, as revenue rose 29% to SEK95.71 billion.

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