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General Motors (GM) stock rises 4% after Q2 earnings release

General Motors (NYSE: GM) reported second-quarter financial results before the regular trading hours on Wednesday. Even though the pandemic pushed the automaker to a loss, it wasn’t as wide as the street expected. The company reported an adjusted loss of $0.50, compared to $1.77 projected by analysts.

Meanwhile, revenues fell below the street consensus.

GM shares rose 4% immediately following the announcement. The stock has declined 30% since the beginning of this year.

General Motors Q2 2020 earnings

GM’s prime competitor Ford (NYSE: F) is scheduled to announce quarterly results tomorrow aftermarket. Electric vehicle pioneer Tesla (NASDAQ: TSLA), meanwhile, last week delivered a surprise profit in Q2, sending the stock up almost 7%.

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