Shares of General Motors (GM) are down 2% after the Detroit automaker reported second-
quarter earnings that fell short of Wall Street expectations.
The company reported earnings per share of $1.14 U.S. versus $1.20 U.S. that was anticipated
by analysts, according to Refinitiv data. Revenue during the April through June period amounted
to $35.76 billion U.S. versus $33.58 billion U.S. that had been forecast.
Like other automotive manufacturers, GM continues to work through supply-chain disruptions
and has been impacted by Russia’s invasion of Ukraine, which has disrupted logistics around
the world.
General Motors warned earlier in July that it had about 95,000 vehicles with missing
components in its inventory. At that time, the company maintained its previous guidance for all
this year, saying it still expected to sell those vehicles by year’s end.
GM stock has declined 44% this year to trade at $34.52 U.S. per share.
