- General Motors (GM) has raised its 2023 guidance for the second time this year following impressive second-quarter results. The earnings for the quarter were significantly higher compared to the previous year. As part of their cost-cutting measures, GM now plans to reduce expenditures by $3 billion, up from the previously stated target of $2 billion.
- In the second quarter, GM reported adjusted earnings per share of $1.91, slightly higher than the $1.85 per share expected by analysts. The company's revenue for the quarter stood at $44.75 billion, surpassing the Refinitiv estimate of $42.64 billion.
Why it matters
The news highlights GM's strong financial performance, demonstrating its ability to bounce back from the challenges faced in the automotive industry. The upward revision of guidance indicates that the company is confident about its future prospects and is taking proactive steps to control costs and enhance its financial position.
