Deere & Co. stock falls on guidance cut despite earnings beat

) reported a notable second-quarter earnings beat on Thursday, but shares tumbled 6% as the company cut its full-year net income forecast, signaling caution amid softening global agricultural demand and stable construction markets.

"John Deere’s second-quarter results were noteworthy in light of continued changes across the global agricultural sector," stated John May, chairman and chief executive officer. He highlighted the company's higher performance levels across business cycles and stability in construction end markets despite declining agricultural and turf demand.

However, Deere's financial services net income for the quarter saw an increase, benefiting from income earned on higher average portfolio balances, despite a higher provision for credit losses and less favorable financing spreads.

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