Auto1 on track for worst day in seven months as weaker units weigh on Q2 results

AUTO1 SE

02/08/2023 09:02

** Shares in Auto1  AG1G.DE  are down around 12% and on
track for worst day since January, after the German online
used-car seller posted a 23% drop in its Q2 revenues with weaker
units
    ** Group Q2 revenue came in at 1.3 billion euros ($1.43
billion), which is down by 23% from 1.7 billion a year earlier 
    ** "Q2 reflects weaker units which is likely to overshadow
strong cost execution" J.P. Morgan says
    ** Sales miss consensus and J.P. Morgan's estimates by 9%
with units down 15% YoY to 142k according the broker
    ** It expects weaker unit numbers to be in focus today and
weigh on the shares 
    ** The stock hits the bottom of Germany's small-cap index
 .SDAXI 

($1 = 0.9102 euros)

 (Reporting by Ozan Ergenay)
 ((ozan.ergenay@thomsonreuters.com))