General Motors has announced that their profits in the fourth quarter of 2004 dropped a whopping 37%, citing its struggling operations in Europe for the drop. Despite the huge fall, GM’s quarter postings still beat Wall Street predictions.
Shares in the company also rose on the announcement of the news, by two cents per share. GM announced that they made profits of US$630 million between October and December 2004.
The 37% drop is compared with the same period the year before. Wall Street predictions stood at a profit gain of 91 cents per share, whereas the actual profit postings convert to $1.11 per share.
