GM 3Q profit falls 40% to $2.4B as chip shortage dings sales
ABC News
High prices for trucks and SUVs helped General Motors post a $2.4 billion third-quarter profit despite factory closures due to a shortage of computer chips and other parts
DETROIT -- High prices for trucks and SUVs helped General Motors post a $2.4 billion third-quarter profit despite factory closures due to a shortage of computer chips and other parts.
But the profit was 40% lower than the $4 billion GM made during the same period last year as sales slumped and the company lost market share in the U.S., its most profitable country.
Excluding one-time items, the company made $1.52 per share, beating Wall Street estimates of 98 cents.
Revenue for the quarter fell 25% to $26.78 billion, far short of Wall Street estimates of $30.72 billion, according to FactSet.
