NIO Drops 9% As Q1 Revenue Outlook Falls Below View

(RTTNews) - Shares of Chinese electric-vehicle maker NIO Inc. (NIO) are down more than 9% in the morning trade on Friday after the company provided first-quarter revenue outlook below Street view.

NIO expects revenue to be in the range of $1.511 billion- $1.567 billion in the first quarter. On average, analysts polled by Thomson Reuters expect the company to report revenue of $1.66 billion for the quarter.

The company reported net loss of $342 million in the fourth quarter, 46% wider than the previous-year quarter.

Net loss per ADS was $0.21. The consensus estimate stands at $0.21 per share loss.

Revenue for the quarter increased 49.1% year-over-year to $1.554 billion. Analysts expected revenue of $1.53 billion.

NIO, currently at $19.91, has been trading in the rage of $13.01-$55.13 in the past 52 weeks.