Swedish automaker Volvo reported a boost in second-quarter profits on Tuesday in spite of the supply chain disruptions and increased material costs plaguing production everywhere.
Volvo reported “good momentum both in the sales of vehicles and in the service business,” in a statement accompanying the data release, which showed that profits rose to 13.7 billion krona (or 1.3 billion dollars), up from 11.4 billion in the second quarter of 2021.
That was on sales that rose 31 per cent to 118.9 billion krona compared to the second quarter of 2021.
That is an increase of 20% when currency fluctuations are taken into account.
Both numbers exceeded what analysts had predicted for the corporation.
On the back of the news, the company's share price increased to 5.14 krona from 4.38.
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