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via uk.finance.yahoo.comBusiness & Companies

Volvo loses £1bn in value as it slashes 2,500 jobs

FROM THE WIRE · UK.FINANCE.YAHOO.COM

Volvo plans to cut 2,000 jobs in Sweden and another 500 globally - Ben STANSALL / AFP via Getty Images Volvo has announced plans to slash 2,500 jobs after a sharp fall in sales triggered a share price slump that has wiped £1bn from its value. Shares in the company, which is…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishProfit warning and withdrawn annual guidance at an automaker, with a sharp share price drop.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Volvo plans to cut 2,500 jobs, around 2,000 of them in Sweden.
  2. 02Revenues fell 23% in the third quarter and almost 50% in China.
  3. 03Shares plunged as much as 31% after the announcement.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
AB Volvo (publ)VOLV-B.STStock306.40 SEK-0.36%today -1.54%Negative Geely Automobile Holdings Limited0175.HKStock14.25 HKDMarket closedtoday +0.99%Neutral
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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