DETROIT, MI (AP)-- Ford Motor Co. has surprised Wall Street by posting a $1.12 billion second-quarter net profit due to gains on its stake in the Argo AI autonomous vehicle operation.
Without the $3.5 billion gain, the company lost $1.9 billion before taxes, or a 35 cents per share. That beat Wall Street expectations of a $1.17 per-share loss.
A year ago, Ford posted a $148 million net profit. Revenue was down by about half from a year ago to $19.37 billion, which narrowly beat estimates, according to FactSet.