ZIM Integrated Shipping Falls After Reporting Loss In Q1

ZIM Integrated Shipping Services Ltd. (ZIM) shares are declining more than 15 percent on Monday morning trade after the company reported first-quarter net loss of $58 million or $0.50 per share compared to profit of $1.71 billion or $14.19 per share last year.

Revenue for the quarter declined to $1.37 billion from $3.72 billion in the prior year. Wall Street analysts were looking for $1.57 billion.

The global container liner shipping company reaffirmed its full-year 2023 guidance.

Currently, shares are at $14.71, down 15.99 percent from the previous close of $17.51 on a volume of 6,363,822.

For comments and feedback contact: editorial@rttnews.com

Business News

Get Access to Premium Stock Alerts with RTT Biotech Investor.
Follow RTT