Electrolux tumbles after Q3 miss in challenging market conditions
** Shares in Electrolux ELUXb.ST fall 11% after the Swedish home appliances maker booked lower than expected earnings for Q3 and said market conditions remained challenging
** The group's adjusted EBIT in Q3 of 717 million Swedish crowns ($67.78 million) misses 855 million crowns expected on average by analysts
** Electrolux says it now expects external factors like FX to have a neutral effect for 2024 results, against a positive impact seen earlier
** J.P. Morgan notes weakness in the North America business, which posted a 10th quarterly loss in a row as the savings are taking longer to materialise
** "Given the low level of earnings, we expect a significant cut to consensus 2024", the broker says
** Electrolux shares set for worst day since Oct 2023. Reach bottom of STOXX 600 .STOXX
($1 = 10.5778 Swedish crowns)
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