Ford Motor (NYSE: F) reported an adjusted loss of 23 cents per share for the first quarter of 2020. Revenue dropped to $34 billion from $40.3 billion in the first quarter of 2019. On a GAAP basis, net loss was $2 billion or $0.50 per share. Revenue dropped to $34 billion from $40.3 billion in the first quarter of 2019. Adjusted loss before interest and taxes stood at $632 million. Ford stock, which ended up 4.26% at $5.39 today, dropped about 3% during the after-market session.
Ford expects second-quarter adjusted EBIT to be a loss of more than $5 billion, as year-over-year industry volumes decline significantly in every region. It’s worth noting that Ford withdrew its 2020 guidance given in the month of February.