General Motors Co. shares rose after the carmaker beat analysts’ estimates for first-quarter profit and reaffirmed guidance for the year, signaling a debilitating shortage of semiconductors is starting to fade.
GM reported profit of $2.09 a share, excluding some items, compared with the $1.68 a share average of analysts’ estimates. The company said better access to computer chips bolstered sales volumes while tight inventories across the industry boosted prices on crossovers and pickups.
