STORY: Daimler Truck shares fell as much as 6.5% on Friday (May 3).

Investors were spooked when the German truck and busmaker highlighted weakness in its European market.

That was despite reporting first-quarter results which beat forecasts.

Order intake fell 15% at Daimler Truck's Mercedes-Benz business, which focuses on Europe.

Daimler Truck CEO Martin Daum said "depressive sentiment" in Germany held the firm back in Europe.

He said this had an outsized impact since its market share in the country was twice as high as for the rest of continental Europe.

One analyst said the comments raised doubts a recovery in European markets would come.

Daimler Truck reported core profit of $1.30 billion for the quarter, beating estimates.

Core profit at Daimler Truck's Mercedes-Benz business, which focuses on Europe, fell 4% compared with the same period last year.

But North America was a bright spot as the business reported a 7% rise in core profit in the period.

Orders in its North American truck business rose 30%.

The firm also kept its guidance for the year.