Economics
GM Quarterly Profit Falls 38% as Europe Woes Seen Lasting
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General Motors Co., struggling to turn around its money-losing Opel unit, said second-quarter profit slid 38 percent as losses widened in Europe where the auto market is heading toward its fifth year of sales declines.
Net income declined to $1.85 billion from $2.99 billion a year earlier, Detroit-based GM said yesterday in a statement. Excluding dividends and other costs related to preferred stock, profit slipped to 90 cents a share, down from $1.54 a year earlier. That beat the 75-cent average estimate of 15 analysts surveyed by Bloomberg.