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General Electric earnings tumble | General Electric earnings tumble |
(about 10 hours later) | |
General Electric's earnings fell 47% to $2.9bn (£1.7bn) in the second quarter of 2009 from the same period last year, as the slowdown took its toll. | |
Revenues fell 17% to $39.1bn from the same quarter last year. | Revenues fell 17% to $39.1bn from the same quarter last year. |
The company has been hit by falling revenues and profits at Capital Finance, its finance arm. | The company has been hit by falling revenues and profits at Capital Finance, its finance arm. |
The conglomerate, seen as a barometer of US economic health, has interests ranging from the media to finance to heavy industry. | The conglomerate, seen as a barometer of US economic health, has interests ranging from the media to finance to heavy industry. |
A 13% growth in profit at its energy infrastructure division was offset by an 80% drop at Capital Finance and a 41% fall at NBC Universal, the statement said. | A 13% growth in profit at its energy infrastructure division was offset by an 80% drop at Capital Finance and a 41% fall at NBC Universal, the statement said. |
"In a global economic environment that continues to remain challenging, GE delivered solid second-quarter business results," said Jeff Immelt, GE chairman and chief executive. | "In a global economic environment that continues to remain challenging, GE delivered solid second-quarter business results," said Jeff Immelt, GE chairman and chief executive. |
"We are executing through the recession by aggressively controlling costs and driving working capital improvements while continuing to invest for future growth." | "We are executing through the recession by aggressively controlling costs and driving working capital improvements while continuing to invest for future growth." |
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