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Even excluding charges, automaker loses far more than expected as vehicle sales tumble.
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: August 1, 2008: 8:23 AM EDT
NEW YORK (CNNMoney.com) -- General Motors reported a huge second-quarter net loss Friday of $15.5 billion after restructuring and other charges.
The automaker lost $27.33 per share in the quarter, compared to a profit of $784 million, or $1.37 per share, a year ago.
Even factoring out those charges, GM posted a stunning $6.3 billion loss on operations. That works out to $11.21 per share, far above the $2.62-a-share loss projected by Thomson Reuters.
Last year, the company earned $1.3 billion on that basis, or $2.29 per share, as it attempted to turn around years of losses.
GM (GM, Fortune 500) stock fell 7.5% in pre-market trading.
http://money.cnn.com/2008/08/01/news...tors/index.htm
By Steve Hargreaves, CNNMoney.com staff writer
Last Updated: August 1, 2008: 8:23 AM EDT
NEW YORK (CNNMoney.com) -- General Motors reported a huge second-quarter net loss Friday of $15.5 billion after restructuring and other charges.
The automaker lost $27.33 per share in the quarter, compared to a profit of $784 million, or $1.37 per share, a year ago.
Even factoring out those charges, GM posted a stunning $6.3 billion loss on operations. That works out to $11.21 per share, far above the $2.62-a-share loss projected by Thomson Reuters.
Last year, the company earned $1.3 billion on that basis, or $2.29 per share, as it attempted to turn around years of losses.
GM (GM, Fortune 500) stock fell 7.5% in pre-market trading.
http://money.cnn.com/2008/08/01/news...tors/index.htm