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European shares slip as investors digest mixed earnings

  • July 20, 2023
  • 2 minute read
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(Reuters) – European shares edged lower at open on Thursday, as investors assessed mixed earnings from companies in the region while disappointing results from U.S. heavyweights Tesla (NASDAQ:TSLA) and Netflix (NASDAQ:NFLX) also weighed on sentiment.

The pan-European STOXX 600 index was down 0.2% by 0705 GMT.

Frankfurt-listed shares of big U.S. names Netflix (ETR:NFLO) and Tesla (ETR:TSLA) fell 8.2% and 3.7% respectively, after disappointing results from both companies late on Wednesday.

Saab (ST:SAABb) climbed 3.2% after the Swedish defence group raised its organic sales growth guidance.

Volvo Cars (ST:VOLVb) dropped 6.3% after posting a 54% fall in second-quarter operating earnings though the Sweden-based automaker forecast healthy demand for its vehicles.

Electrolux (ST:ELUXb) dropped 10.7% after Europe’s biggest home appliances maker swung to a loss in the second quarter.

Technology was the biggest sectoral loser with semiconductor firm ASML Holding (NASDAQ:ASML) down 3% and extending declines after posting results on Wednesday.

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