Chile's SQM misses profit estimates as lithium prices remain under pressure

The company posted first-quarter net profit of $137.5 million, or 48 cents a share, compared to analysts' estimates of $171.20 million, or 63 cents a share, according to LSEG data. The miner said its revenue for the January to March period came in at $1.04 billion, which is in line with analysts' estimate of $1.045 billion, according to LSEG data. Miners worldwide have been hit by a nearly 90% drop in lithium prices since their peak in late 2022 due to weaker-than-expected demand for electric vehicles and excess supply from China.