LVMH Shares Tumble Following Disappointing Financial Results

In a surprising turn of events, LVMH Moet Hennessy Louis Vuitton, the renowned French luxury goods conglomerate, witnessed its shares plummet by over 5% this Wednesday. This significant drop came in the wake of the company's announcement of its full-year financial results, which fell short of market expectations.

Financial Performance Overview

The luxury giant reported a 17% decline in its net profit for fiscal 2024, amounting to €12.6 billion. Additionally, the company's revenue saw a 2% decrease, settling at €84.7 billion compared to the previous year's figures.

Market Reaction

Following the announcement, LVMH's stock experienced a sharp decline, dropping 5.61% to €708.50 per share at 9:36 am CET, reflecting the market's response to the company's financial performance.