Global markets
BMW Profits Drop as Automaker Warns of Potential Losses
The German automaker faces restructuring costs that are weighing on its financial results.
BMW reported an 11% drop in pre-tax profit for the third quarter. The German manufacturer released the figures after issuing a profit warning.
Net profit for the period fell by about 15% to 1.45 billion euros. Company revenue also declined, dropping nearly 6% to reach 30.45 billion euros.
The firm stated that restructuring costs could lead to an operating loss for its automotive segment. The adjustment plan includes cutting 8,000 jobs in the domestic German market.
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