General Motors' net income fell 14-percent in the first quarter, weighed down by losses in Europe and weaker earnings in North America. But its performance was better than many analysts expected, so shares were trading higher on Thursday.
General Motors took a hit to third quarter earnings compared with last year due to European struggles, but handily beat Wall Street forecasts thank to strong demand for its vehicles in the U.S. and better profit margins.
General Motors reported its first quarter earnings today, and the beleaguered U.S. automaker posted a $6 billion net loss compared to a net loss of $3.3 billion one year ago. At the same time, GM burned through $10.2 billion in cash during Q1, though still has $11.6 billion in cash reserves on hand thanks in large part to the $13.4 billion
General Motors has just released its annual earnings report, and the news isn't pretty either for the year that was or the fourth quarter of 2008. GM burnt through $5.9 billion during the last few months of the year, which brought the grand total of cash on fire to $19.2 billion in 2008. So far the automaker has received $13.4 billion in federal loans, i.e. our tax money, but we'll just assume none of those bills have been burnt yet. Of course, the U.S. recession and its effect on the global eco