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10/27, 10:09 PM (Source: TeleTrader)
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Ford reports Q3 revenue down 5% to $35.7 billion

Ford Motors revealed its financial results for the third fiscal quarter of 2021 on Wednesday marking a 5% decrease in revenue to $35.7 billion compared to the same quarter of last year. The company's net income dropped by nearly 25% to $1.8 billion.

Earnings per share also declined year-on-year by 24.9% from $0.60 to $0.45 per share. Nevertheless, Ford's press release said that all the mentioned above figures with the addition of cash flow came out "sharply higher" than in the previous quarter due to better availability of semiconductors and increases in wholesale shipments.

"This is the most exciting Ford lineup I've seen, but what matters is that customers love our new products and services – and we're just getting started. The trajectory of our business gives us huge confidence in Ford+, and we're obsessively turning the plan's promise into reality," said Jim Farley, Ford's President and CEO.

Following the report, Ford stocks increased in the after-hours trading by 5.16% to sell for $16.33 per share at 4:20 pm ET.

Baha Breaking the News (BBN) / LH