NIO (NYSE:NIO) stock slipped sharply last week after publishing its financial results, which showed that its business continued doing well in the first quarter. Its US ADR dropped to $5.20, down 26% from its highest point in April.
Nio Stock Dropped After Earnings
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NIO's financial results showed that its revenues jumped by 112% YoY to $3.7 billion, higher than the expected $3.55 billion. This revenue was driven by stable prices and the surge in vehicle deliveries, which rose by 98% to 83,465.
A key reason why Nio shares dropped after earnings is that it made a net loss in the first quarter. It made a $48 million loss, a quarter after it notched its first quarterly profit.
