John Deere’s stock price plummeted on Friday after the company reported better-than-expected earnings, but ultimately missed investor expectations. The agricultural equipment manufacturer announced a net income of $1.22 billion in its latest quarter, beating estimates by 6 cents per share. However, the stock dropped over 10% in pre-market trading, indicating that investors were not convinced by the company’s performance.
Deere’s earnings beat was attributed to cost-cutting measures and a stronger-than-expected sales increase in its construction equipment division. Nevertheless, the stock’s decline suggests that investors remain cautious about the company’s growth prospects due to ongoing headwinds in the agricultural sector.
Source: https://www.barrons.com/articles/deere-earnings-stock-price-71c3f09f