Last year’s assets sale didn’t help the company much. Also, in last November, GE cut the dividend by 50% to $0.12 per share, which was another blow to the already wounded investors. Despite the divestiture spree, the shares of GE prolonged its downward trend and hit a 20-year low on April 2. CEO John Flannery’s plans to raise $20 billion through selling non-core businesses didn’t pay off well for the Boston, Massachusetts-based company.
On Monday, GE announced that it will axe 1,200 of its Switzerland employees as part of its cost-cutting measures. The only positive news in the recent times has been its upbeat results for Q1 in which revenue grew 7% to $28.66 billion and adjusted earnings rose to $0.16 per share compared to $0.14 per share in the prior year quarter.
Shares of General Electric dropped about 2% when the market ended today and continued to bleed further after the bell. Meanwhile, Walgreens stock traded positive both in the regular trading session and extended-hours of trading.