NIO Inc. (NYSE: NIO) shares are trading higher, rebounding from earlier weakness. The company late Thursday reported better-than-expected frist-quarter results and issued sales guidance above estimates, though the stock initially dipped on the report.
NIO reported quarterly loss of 4 cents per share, which beat the analyst consensus estimate of a loss of 16 cents per share. Nio also reported quarterly sales of $1.22 billion which beat the analyst consensus estimate of $1.02 billion by 19%.
The company issued second-quarter sales guidance with a range of $1.243 billion to $1.298 billion verse the $1.21 billion analyst estimate.
NIO operates in China’s premium electric vehicle market.
The stock was trading up 4% at $40.55 at the time of publication. The company has a 52-week high of $66.99 and a 52-week low of $3.08.
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