Nice going, O'bummer. You "saved" GM for a little while but didn't fix anything. Look for GM to be losing money again in short order.
GM profits slip 41% as European struggles take their toll
Dominic Rushe
guardian.co.uk, Thursday 2 August 2012
America's largest car firm made $1.5bn in the second quarter of 2012, with European division reporting operating loss of $361m
General Motors' profits fell 41% in the second quarter as troubles in Europe undercut strong sales in North America.
America's largest automaker made $1.5bn in the second quarter of 2012, compared with $2.5bn for the same period last year. Revenue fell to $37.6bn from $39.4bn in the second quarter of 2011. The results exceeded analysts' estimates, but further underlined Europe's drag on the US economy.
"Our results in North America were solid, but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America," said GM chairman and CEO Dan Akerson. "Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade."
More: http://www.guardian.co.uk/business/2012/aug/02/gm-profits-slip-european-struggles
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