European shares slip as investors digest mixed earnings

European shares edged lower at open on Thursday, as investors assessed mixed earnings from companies in the region while disappointing results from U.S. heavyweights Tesla and Netflix (NASDAQ:NFLX) also weighed on sentiment.

The pan-European STOXX 600 index was down 0.2% by 0705 GMT.

Frankfurt-listed shares of big U.S. names Netflix and Tesla fell 8.2% and 3.7% respectively, after disappointing results from both companies late on Wednesday.

Saab climbed 3.2% after the Swedish defence group raised its organic sales growth guidance.

Volvo Cars dropped 6.3% after posting a 54% fall in second-quarter operating earnings though the Sweden-based automaker forecast healthy demand for its vehicles.

Electrolux dropped 10.7% after Europe’s biggest home appliances maker swung to a loss in the second quarter.

Technology was the biggest sectoral loser with semiconductor firm ASML Holding (AS:ASML) down 3% and extending declines after posting results on Wednesday.