Mary Barra, CEO, GM at the NYSE, November 17, 2022.
Source: NYSE
DETROIT — General Motors is raising its 2023 guidance for a second time this year after the automaker reported second-quarter results Tuesday that were up sharply year over year.
The Detroit automaker also said it is increasing cost-cutting measures through next year and now plans to reduce $3 billion in expenditures compared with previous guidance of $2 billion.
GM CFO Paul Jacobson said the reductions will include sales and marketing spending, salary employment, and other costs.
GM shares were initially up in premarket trading following the results but were down nearly 3% just after the market opening.
Here’s what GM reported for its second quarter:
Adjusted earnings per share: $1.91. (This is not comparable to $1.85 analysts expected due to one-time items.)
Revenue: $44.75 billion vs. $42.64 billion expected, according to Refinitiv consensus estimates
GM’s earnings included an unexpected $792 million charge for new…
2023-07-25 08:42:59
Original from www.cnbc.com
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