Sandvik shares fell in early trading on Thursday after the industrial group reported a miss in order intake, overshadowing a better-than-expected adjusted EBITA result.
The market reaction underscores a growing investor preference for top-line growth visibility over short-term margin resilience in the current cycle.
According to Dagens Industri, the divergence between profitability and new orders triggered the sell-off.
While the company delivered on its bottom-line guidance, the order book weakness raised questions about the sustainability of the revenue pipeline.
CEO Stefan Widing addressed the results in a media interview, but the market focused on the forward-looking order data rather than the historical profit figures.
The move adds to a day of volatility for Swedish industrials and tech names.