Volvo Cars' shares soar as profit tops expectations

STORY: Volvo Cars shares soared more than a third on Thursday (October 23).Investors bought up after the automaker announced it beat third-quarter profit forecasts.Sweeping cost cuts have delivered faster than expected results.That's despite Volvo being one of the European carmakers most exposed to U.S. tariffs.Most of its U.S.-bound cars are exported from Europe. The company is based in Sweden but majority-owned by China's Geely.It said it made an operating profit before one-off costs of $627 million between July-September, smashing analyst forecasts.Although the automaker saw a 7% drop in sales, with fully electric cars still making up for less than a quarter of the total.CEO Hakan Samuelsson, having previously run Volvo Cars for over a decade, was brought back this year to help revive its share price.He has since installed a new finance chief, announced 3,000 job cuts, pulled earnings guidance and slowed investments

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