Market Updates
General Motors Earnings Plunge 40%
Scott Peters
26 Jul, 2022
New York City
General Motors declined 2.8% to $33.75 and the vehicle maker said June quarter revenues increased 4.6% to $35.8 billion and net income plunged 40% to $1.7 billion from $2.8 billion a year ago.
The company blamed the earnings fall on China lockdown and parts shortages preventing the automaker from shipping 100,000 vehicles.
The automaker said it has secured materials needed to make one million electric vehicles by 2025.
General Motors guided full-year net income between $9.6 billion and $11.2 billion and adjusted operating earnings between $13.0 billion and $15.0 billion.
The company also guided full-year diluted earnings per share between $5.76 and $6.76 and adjusted earnings per share between $6.50 and $7.50.
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