Shares of VinFast Auto (NASDAQ: VFS), the Vietnamese vehicle maker that went public in a merger with a special purpose acquisition company (SPAC) last summer, tumbled 11.5% through 11 a.m. ET Wednesday after reporting big misses on both sales and earnings for its first fiscal quarter of 2024.

Heading into earnings, analysts were already pessimistic, predicting the company would lose $0.22 per share on sales of $450 million. As it turned out, analysts weren't pessimistic enough. VinFast lost $0.26 per share, and its sales were only $302.6 million.

The news wasn't all bad (only mostly bad). Total first-quarter sales grew 270% year over year, with revenue from vehicle sales up 324%. Gross profit margins improved from negative 173% to "only" negative 50%. Still, the company continued to lose money at an alarming rate.

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Source Fool.com