Wednesday, November 7, 2007

GM reports 3rd quarter earnings. $39 billion loss

General Motors shocked the world yesterday with their 3rd quarter earnings for 2007. When it was all said and done, the General lost an astounding $39 billion dollars. While it may look bad, there are some up sides. Such as the sale of Allison Transmission which sold for $3.5 billion. This time last year, GM was showing a $497 million dollar profit.

Vehicle sales actually did show a profit $122 million, while last year $577 million dollar loss. So far this year, GM has sold 2.39 million vehicles world wide.

Unfortunately, this makes the worst ever loss for GM, and the 2nd worst in history for all companies.

I was actually surprised to see figures this bad. While GM's U.S. sales have been bad over the last few years, it only accounted for a small portion of GM's worldwide sales. I guess after the hit that the DOW and NASDAQ took today, all I can say is WOW! What happened GM?