Swedish home appliance maker Electrolux AB closed the quarter ended in June with a loss. The company said on Thursday that it lost SEK 648 million (€56.36 million) in the second quarter after a SEK 257 million (€22.35 million) profit a year earlier.
Experts expected the average profit for the second quarter to be 350 million crowns.
According to the company, the quarterly loss was caused by a one-time write-off of 643 million kroons, lower sales, the negative impact of foreign exchange rates, rising energy prices and labor costs.
Electrolux quarterly revenue fell by 3.2% to 32.65 billion kroons, while experts had expected it to be 34.05 billion kroons.
Around noon Thursday, Electrolux’s share price on the Stockholm Stock Exchange fell 17%, the biggest intraday drop in Sweden in 12 years.
2023-07-20 14:22:00
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