-=Nio Inc.(NIO) reported earnings on Tue 24 Sept 19 (b/o)

NIO misses by RMB 1.24, beats on revs; guides Q3 revs below two analyst estimate; implements comprehensive efficiency and cost control measures, cancels conference call 

Reports Q2 (Jun) loss of RMB 3.11 per share, excluding non-recurring items, RMB 1.24 worse than the single analyst estimate of (RMB 1.87); revenues rose 3180.2% year/year to RMB 1.51 bln vs the RMB 1.21 bln two analyst estimate.

Deliveries of the ES8 were 3,140 in the second quarter of 2019, compared with 3,989 vehicles delivered in the first quarter of 2019. Deliveries of the ES6 reached 413 in the second quarter of 2019.

"In response to the overall tempered market conditions, we are also working hard to maximize returns on our resources and have implemented comprehensive efficiency and cost control measures across the organization. These measures aim to further improve efficiency and streamline operations within our sales and service network and R&D activities. We target to reduce our global headcount to be around 7,800 by the end of the third quarter from over 9,900 in January 2019, and aim to further pursue a leaner operation through additional restructuring and spinning off some non-core businesses by year end"

Balance of cash and cash equivalents, restricted cash and short-term investment was RMB3,455.6 million (US$503.4 million) as of June 30, 2019.

Co issues downside guidance for Q3, sees Q3 revs of RMB 1.59-1.66 bln vs. RMB 4.3 bln two analyst estimate; sees deliveries between 4,200 and 4,400 units, representing an increase of approximately 18.2% to 23.8% from the second quarter of 2019

The co also announced that it will not hold its previously scheduled second quarter 2019 earnings conference call at 8:00 a.m. Eastern Time today, Tuesday, September 24, 2019 (8:00 p.m. Beijing Time on September 24, 2019).