Home : Money : Auto News :

Photo

General Motors world headquarters in Detroit (AP Photo/Paul Sancya/File)

Regular Photo Size

Auto News - related stories

Harman Int'l 3Q adjusted profit…

STAMFORD, Conn. (AP) — Harman International Industries Inc. said Thursday that its fiscal…

Ford to enter Myanmar with…

YANGON, Myanmar (AP) — Ford Motor Co. says it is entering Myanmar, with plans to open a …

Obama administration missed…

WASHINGTON (AP) — The Energy Department did not realize for four months that troubled …

Energy Dept. seizes $21M from…

WASHINGTON (AP) — The Obama administration has seized $21 million from troubled automaker…

Chinese automakers struggle…

SHANGHAI (AP) — These should be good times for Chinese automakers as they prepare to show…

GM profit falls 41 percent

Due to weakness in Europe

Updated: Thursday, 02 Aug 2012, 9:00 AM CDT
Published : Thursday, 02 Aug 2012, 9:00 AM CDT

DETROIT (AP) - General Motors said Thursday that its second-quarter profit fell 41 percent as losses in Europe and South America cut into strong North American earnings.

The company earned $1.5 billion from April through June, $1 billion less than its $2.5 billion net income a year earlier.

GM earned 90 cents per share compared with $1.54 a year earlier. Revenue fell 5 percent to $37.6 billion.

The company beat Wall Street expectations. Analysts polled by FactSet expected earnings of 75 cents per share.

GM lost $361 million before taxes in Europe, compared with a $102 million profit a year earlier. Even North America showed a little weakness. Pretax profits fell nearly 13 percent to about $2 billion.