-- Harley-Davidson Inc.’s third-quarter profit missed estimates and sales plunged amid elevated borrowing costs in the US and economic weakness around the globe.Apple Plans AirPods Overhaul With New Low- and High-End Models, USB-C HeadphonesThe Milwaukee-based company on Thursday reported earnings of $1.38 a share, missing the $1.40 average of analysts’ estimates compiled by Bloomberg. Revenue from motorcycles and related products fell 9% from a year ago to $1.3 billion, below expectations.
The company has rolled out generous new incentives at dealerships to stimulate demand, but even then, sales were weak in the third quarter, according to dealers and research from UBS AG. Operating income at Harley’s financial services arm fell 27% from a year ago as higher borrowing costs and credit losses eroded earnings.
Separately, LiveWire Group Inc., the electric bike division spun out of Harley a year ago, reported a third-quarter operating loss of $14.6 million. Shipments dropped to 50 bikes in the quarter, down 76% in the same period in 2022.More alarm bells sound on slowing demand for electric vehicles Ruffer, a UK-based fund known for winning bets made in the volatility market, is now hoping for a big upswing in the Japanese yen.
Hui Ka Yan is now worth $979 million. His net worth has taken a 98% tumble since peaking at $42 billion in 2017, per Bloomberg.