General Electric (NYSE: GE) reported first-quarter 2021 financial results before the regular market hours on Tuesday. The payment services firm reported Q1 revenue of $17.1 billion, down 12% year-over-year and below the Wall Street projection. Meanwhile, net income of $0.03 per share was two cents above the target that analysts had anticipated.
GE shares fell 3% immediately following the announcement. The stock has more than doubled in the trailing 12 months.
“We are shifting more toward offense and capturing opportunities in the energy transition, precision health, and future of flight. I am confident we are well positioned to drive profitable growth, achieving high single digit free cash flow margins over time and creating long-term value for shareholders,” CEO Lawrence Culp said in a statement.
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