The Danish audio and video equipment firm, Bang & Olufsen reported a drop of its shares 11% lower by 1513 GMT after disappointing sales in China in the third quarter between December 2022 and February 2023.
According to Reuters, the company posted an operating loss before special items for the third quarter of 43 million Danish crowns ($6.14 million).
“Sales in China did not progress as expected after the reopening because of all the challenges with COVID-19,” Chief Executive Kristian Teär said in a statement.
Nevertheless, B&O said it expects better market conditions in China in the fourth quarter, but still at a slower pace than initially expected.
