Auto giant General Motors (NYSE: GM) on Tuesday reported lower earnings for the second st quarter of 2022, despite a 5% increase in revenues.
Second-quarter revenues rose 5% annually to $35.7 billion. The company reported earnings of $1.14 per share, on an adjusted basis, down from last year’s profit of $1.97 per share. The market had predicted a bigger number for the latest quarter.
On a reported basis, it was a net profit of $1.70 billion or $1.14 per share, compared to $2.84 billion or $1.90 per share in the second quarter of fiscal 2021.
Check this space to read management/analysts’ comments on GM’s Q2 report
The value of GM’s stock nearly halved since the beginning of the year. The stock closed the last session lower and lost further soon after the earnings announcement on Tuesday.