Stock Track | HISENSE HA Plunges 5% After Reporting 16% Drop in Q3 Profit

Stock Track2024-10-30

Shares of Hisense Home Appliances Group (HKG:0921, SHE:000921) plummeted by 5.10% on Tuesday, following the company's third-quarter earnings report that showed a significant decline in profits.

According to the filing with the Hong Kong Exchange, Hisense Home Appliances Group's attributable profit for the three months ended September 30th fell by 16.3% year-over-year to 777.2 million yuan (approximately $109.8 million). The company's earnings per share stood at 0.57 yuan for the quarter.

Despite the drop in profits, Hisense Home Appliances Group's operating revenue remained unchanged from the previous year at 21.9 billion yuan in the third quarter. Analysts suggest that investors were disappointed with the company's earnings performance, leading to a selloff in the stock.

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