Porsche's profit drops by more than a fifth in first quarter

Porsche said first-quarter profit fell by more than 20%, underscoring weakening fundamentals and adding pressure on CEO Michael Leiters to cut costs and revive sales. The update is negative for the stock and points to ongoing margin and demand challenges in the luxury auto segment.

Analysis

Porsche said first-quarter profit fell by more than 20%, underscoring weakening fundamentals and adding pressure on CEO Michael Leiters to cut costs and revive sales. The update is negative for the stock and points to ongoing margin and demand challenges in the luxury auto segment.