General Electric Company (NYSE: GE) reported a net loss for the second quarter of 2020, reflecting a sharp fall in revenues. The bottom line missed the Street view, while revenues exceeded the forecast.
The engineering conglomerate reported a loss of $0.15 per share for the June-quarter, on an adjusted basis, compared to earnings of $0.15 per share in the year-ago period. Analysts were looking for a narrower loss. On an unadjusted basis, the company reported a loss of $0.26 per share, compared to a loss of $0.01 per share last year.
The bottom-line was impacted by a 24% fall in revenues to $17.75 billion as total ordered declined 38% to $13.8 billion. However, the top line came in above the market’s projection.
GE stock closed the last trading session higher and gained further during Wednesday’s pre-market session.
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