Porsche Q1 Operating Profit Drops 22% to 595 Million Euros
Porsche reported a 22 percent drop in quarterly profit to 595 million euros. The results put pressure on management to cut costs and revive sales growth.
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Porsche saw its first-quarter operating profit fall 22% to 595 million euros ($696 million). The result yielded a 7.1% operating margin, which reached the upper end of the automaker's previous forecast range. Investors are monitoring the pressure on CEO Michael Leiters to implement cost-cutting measures.
