The future for Ford is bright, but it doesn’t look quite so bright right now.
The car maker on Monday posted its quarterly financial results, which showed it reported a net loss of $1.8 billion for the third quarter, compared with $1 billion for a year earlier.
That’s a decline of $9.4 billion.
That was below the company’s expectations.
Ford said its sales and profit climbed 10% in the quarter to $1,531 million, but that was before the cost-cutting measures that have slowed its economy.
The company’s stock dropped 10% on the news.
The news was welcomed by Ford stock watchers.
“We think Ford is going to be able to bounce back in the next quarter and in the second quarter,” said Brian Glynn, a partner at New York-based hedge fund Guggenheim Partners.
Ford’s stock is down almost 20% this year, as the company tries to address the cost cutting measures it introduced in February, which include making more cars and adding new products.
That includes a new model called the Fusion.
That model is expected to have a 0-60 time of just 4.7 seconds.
Ford has said it is focusing on its core business of cars and trucks.