Goodyear share price down 20% after Q2 results

The Goodyear Tire & Rubber Company’s fell share price fell 20 per cent when markets opened on 3 August 2023. The sharp fall to around $12.30 represents the lowest point since investor Elliott called for largescale strategic and board composition changes on 11 May 2023. At the time of going to press, Goodyear’s share price was showing signs of recovery and trading at around $13.15.

The price drop follows Goodyear publication of second-quarter 2023 financial results, which show that the company recorded global net losses of $208 million in the quarter and sold more than 5 million fewer tyres in the period.

On 25 July, the company said it was cooperating with Elliott and has appointed three new board members in a bid to turn a strategic and financial corner.