General Motors Loses Less Than Expected as China, Cost Cuts, and Pickup Sales Help
General Motors (NYSE: GM) said that it lost $758 million in the second quarter, much less than expected, thanks to resilient pickup-truck sales, strong results in China, and aggressive cost cutting before and during the quarter.
On an adjusted basis, excluding one-time items, GM lost $0.50 per share in the second quarter. GM's revenue fell 53% from a year ago, to $16.8 billion, on lower shipments as its factories in North America were closed for 8 of the 13 weeks in the quarter.
GM's earnings result beat Wall Street's consensus estimate, though its revenue fell a bit short of expectations. Analysts polled by Thomson Reuters had expected a loss of $1.77 per share on revenue of $17.31 billion, on average.
Source Fool.com
