GM Drops as Prolonged Pickup Rollout and China Woes Erode Profit
- Trucks that debuted last year should boost second-half results
- Most of up to $2.5 billion cost cuts slated for later in 2019
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General Motors Co. shares slumped the most in over a month as earnings fell on the prolonged introduction of new pickups and a slowdown in China’s auto market.
Net revenue fell to $34.9 billion in the first quarter and was more than a half-billion below what analysts were projecting. Adjusted earnings of $1.41 a share topped estimates entirely because of the higher valuation of stakes in Lyft Inc., which listed its stock in March, and French carmaker Peugeot SA, which has revived GM’s German castoff brand, Opel.