This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/go/rss/int/news/-/news/business-15663259
The article has changed 2 times. There is an RSS feed of changes available.
Previous version
1
Next version
Version 0 | Version 1 |
---|---|
GM shares dive on profit fall and weak outlook | GM shares dive on profit fall and weak outlook |
(about 7 hours later) | |
Shares in General Motors have fallen 11% after the company reported a fall in profits and a weak outlook. | |
Net income came in at $1.7bn for the third quarter of the year, down 17.6% from the same period last year, hit by losses in Europe and South America. | Net income came in at $1.7bn for the third quarter of the year, down 17.6% from the same period last year, hit by losses in Europe and South America. |
The carmaker predicted that profit in the current quarter would be unchanged from a weak fourth quarter in 2010. | The carmaker predicted that profit in the current quarter would be unchanged from a weak fourth quarter in 2010. |
GM said it would cut costs and simplify the company in order to improve its profitability. | GM said it would cut costs and simplify the company in order to improve its profitability. |
Its rival, Ford, posted profits for the third quarter that were almost as high as GM's, despite sales being 10% lower. | Its rival, Ford, posted profits for the third quarter that were almost as high as GM's, despite sales being 10% lower. |
GM chief executive Dan Akerson said it had been a "solid" quarter, but added that "solid isn't good enough, even in a tough global economy". | GM chief executive Dan Akerson said it had been a "solid" quarter, but added that "solid isn't good enough, even in a tough global economy". |
"Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business." | "Our overall results underscore the work we have to do to leverage our scale and further improve our margins everywhere we do business." |
The company warned it would not be able to meet its target of breaking even in Europe this year. | The company warned it would not be able to meet its target of breaking even in Europe this year. |
GM emerged from bankruptcy in 2009 after a $52bn taxpayer-funded bailout. The US Treasury still owns 32% of GM's ordinary shares. | GM emerged from bankruptcy in 2009 after a $52bn taxpayer-funded bailout. The US Treasury still owns 32% of GM's ordinary shares. |
Previous version
1
Next version