GM earnings jump even as sales sink during the global chip shortage
CNN
General Motors posted strong first-quarter earnings and said it's on track to hit the high end of its full-year profit target despite the computer chip shortage dogging the industry.
GM (GM) posted net income of $3 billion, about 10 times what it posted in the same quarter a year ago, when it was hit by the beginning of the Covid-19 pandemic. Revenue and vehicle sales fell slightly from a year ago because the global chip shortage and plant closings limited supply of vehicles. International sales also dropped. The automaker had said earlier this year that it expected the chip shortage could trim $1.5 billion to $2 billion off of its full-year earnings. But it gave a more optimistic view of full-year results than some of its rivals have given.More Related News