Earnings

Toyota Motor (TM) Q1 2020 earnings

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2021 Toyota Sienna models

Toyota

Toyota Motor eked out its smallest quarterly profit in nine years as the coronavirus pandemic halved its car sales and nearly wiped out its bottom line.

However, shares in Japan’s top automaker rose 2.3% in a weaker broader market as analysts had expected a loss, while comments from a company spokesman on a faster-than-expected sales recovery in some countries also provided support.

Toyota’s operating profit plunged 98% to 13.9 billion yen ($131.73 million) for the three months ended June, better than a consensus estimate for a loss of 179 billion yen drawn from a Refinitiv poll of seven analysts.

The sharply lower earnings underline the challenges the…



Source cnbc.com

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