General Electric (NYSE: GE) reported third-quarter 2020 financial results before the opening bell on Wednesday. The industrial giant reported a 17% decline in Q3 revenues to $19.4 billion, which fell short of the Wall Street consensus. Meanwhile, the company surprised the street with a profit of $0.06 per share, even as investors were anticipating a loss.
GE shares gained 3.5% immediately following the announcement. The stock has fallen 40% since the beginning of this year.
CEO H. Lawrence Culp, Jr. said in a statement, “We are improving our profit and cash performance with organic margin expansion in every segment except Aviation, though orders more broadly remain under pressure.”
Prior performance
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