LONDON (ShareCast) - (Sharecast News) - Carmaker Ford issued a profit warning on Friday as the Covid-19 pandemic began to take its toll on sales across the auto industry.
Ford said it expects to report a loss of $2bn for the first quarter, as opposed to expectations of a $278.3m profit. However, the firm also cautioned that it was unable to figure out its actual loss until it has determined its first-quarter tax rate.

Revenues were pegged to come in at $34bn, below consensus expectations of $35.4bn.

The Michigan-based company did not that it hadn't closed the books on the first quarter just yet and stated its preliminary data was also yet to be reviewed by its independent auditor.

Ford will release its first-quarter results on 28 April.

As of 1550 BST, Ford shares had accelerated 3.34% to $5.11 each.

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