Volkswagen (VWAGY) reports €3.5B profit, plans job cuts

Volkswagen AG (VWAGY) reported an operating profit of €3.5 billion ($3.98 billion) for Q2, down nearly 10% from a year ago and below analyst expectations of €4.3 billion. The automaker also revised its 2026 sales revenue forecast, now expecting a decline of up to 3%, compared to a prior growth forecast of up to 3%. Additionally, it plans to reduce its workforce by up to 100,000 jobs, driven by rising costs and competition. The company's shares fell 3% following the announcement, marking a nearly 30% decline year-to-date, which highlights ongoing challenges in the automotive sector.