International BusinessGE Q2 profit falls on finance
General Electric Co reported a 47 per cent decline in second-quarter profit as a global recession hurt the finance, health care and NBC Universal divisions, contributing to a bigger drop in sales than analysts predicted.
- Credit woes hit BoA; Q2 profit slides 5.5% - BofA posts lower profit - GE to invest $6 billion in healthcare globally - Johnson & Johnson Q2 profit dips to $3.2 bn - Goldman Q2 profit surges 65% to $3.44 bn - Blue Dart Express Q2 net dips 44%
Revenue dropped 17 per cent to $39.1 billion, trailing the average estimate of $41.9 billion in a Bloomberg survey, and GE fell in early trading. Profit from continuing operations declined to $2.87 billion, or 26 cents a share, from $5.39 billion, or 54 cents, a year earlier, the Fairfield, Connecticut-based company said in a statement on Saturday.
The average estimate was for profit of 24 cents.