(Bloomberg) -- Electrolux AB jumped the most this year in Stockholm trading after the Swedish appliance maker reported earnings that beat estimates and said its chief executive officer will depart after overseeing a cost-cutting plan.

The shares advanced as much as 7%, or 6.3 kronor, to 95.92 kronor, the most since mid-December. Electrolux reported an operating loss of 720 million kronor ($66 million) in the first quarter, beating analyst estimates in a Bloomberg survey, which had predicted an 809 million-krona deficit. Sales also beat expectations.

CEO Jonas Samuelson had led the Stockholm-based company for more than eight years. He will leave his post at the start of next year, according to a statement.

The company cautioned that pricing pressure persists, and that weak residential construction and restrained demand to remodel houses is weighing on built-in kitchen demand in Europe. Price pressure in North America continued, and the company has maintained “high promotional activity” in other markets that continued into the first quarter, it said. 

On Samuelson’s watch, Electrolux implemented steep cost reductions, including the elimination of as many as 4,000 jobs announced in late 2022. Business has been particularly difficult in North America, where the company competes with Whirlpool Corp. 

The share advance narrows the decline of the stock this year to about 15% for Electrolux. The company’s biggest single shareholder is Investor AB, the holding company of the Swedish Wallenberg billionaire family. 

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