GM loses $39b in Q3
Friday, 9 November 2007
DETROIT, Nov 8 (AP): General Motors Corp. posted a company record $39 billion loss Wednesday for the third quarter, as a charge involving unused tax credits brought an abrupt end to a string of three profitable quarters for the nation's largest automaker.
The loss was one of the biggest quarterly corporate deficits ever. GM's shares closed more than 6.0 per cent lower. Standard & Poor's downgraded GM shares from hold to sell, and said GM's near-term outlook has worsened significantly in part due to reduced US sales.
The loss was one of the biggest quarterly corporate deficits ever. GM's shares closed more than 6.0 per cent lower. Standard & Poor's downgraded GM shares from hold to sell, and said GM's near-term outlook has worsened significantly in part due to reduced US sales.