The operating result decreased by 2.4 percent to 5.5 billion euros, equivalent to approximately 64 billion kronor, compared to the same period last year. It was higher than analysts' expectations of 5.2 billion euros, according to Bloomberg's compilation of forecasts.
Revenue increased by 4.1 percent to 83.3 billion euros – also slightly above expectations.
Economic chief Arno Antlitz says in a statement that the quarterly result does not match the company's "ambition and potential".
"Significant efforts are required on the cost side during the second half of the year and onwards for us to reach our goals", he says.
Like many other traditional car manufacturers, Volkswagen is being squeezed by Chinese competition and a generally sluggish electric car market, among other things due to high inflation pressure and reduced electric car premiums in many countries.
