DETROIT – Ford Motor easily beat Wall Street’s expectations for the first quarter despite an ongoing global semiconductor chip shortage causing low inventories and factory closures. So why did shares of the automaker fall by as much as 10.4% during intraday trading Thursday?
The negative reaction by investors is a mix of issues related to the chip problem following Ford reporting its results after the closing bell Wednesday.
While analysts were thoroughly impressed with the company’s performance in the first quarter, which included a record $4.8 billion in adjusted pretax profits, they were far less impressed, if not confused, with its guidance for the year.
“Let’s just put it like this:…