News for G overnment M otors.
DETROIT (AP) — Growing losses in Europe and warranty costs in North America lowered General Motors’ third-quarter profit by 12 percent.
But the company posted better-than-expected results in South America and internationally, and gave a rosier outlook for Europe. Its overall performance soundly beat Wall Street expectations, pushing up the stock price in Wednesday premarket trading.
GM said it earned $1.5 billion from July through September, down from $1.7 billion a year earlier.
The company earned 89 cents per share compared with $1.03 in 2011. Revenue grew 2.5 percent to $37.6 billion.
Read more at Yahoo News.
Even with a loss, the stock looks like it is climbing. We don’t know if this is good or bad for tax payers.