$GM Beats the Street, Profits Fall 41% From Europe Fallout

“DETROIT (AP) — General Motors says its second-quarter profit fell 41 percent as losses in Europe and South America cut into strong North American earnings.

The company says it earned $1.5 billion from April through June, $1 billion less than its $2.5 billion net income a year earlier.

GM earned 90 cents per share compared with $1.54 a year earlier. Revenue fell 5 percent to $37.6 billion.

The company beat Wall Street expectations. Analysts polled by FactSet expected earnings of 75 cents per share.

GM lost $361 million before taxes in Europe, compared with a $102 million profit a year earlier. Even North America showed a little weakness. Pretax profits fell nearly 13 percent to $1.8 million.”

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