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![General Motors Co [GM] reports quarterly net loss of $3 billion](/_next/image?url=https%3A%2F%2F10kinfo-appdata.s3.us-west-2.amazonaws.com%2Fedgar0105%2FCompanyLogos%2FUS%2FGM.png&w=1200&q=75)
General Motors Co [GM] has reported a net loss of $3 billion for quarter ended Dec 31, 2023.
The Company said in a filing before the Securities and Exchange Commission that its total revenue for the quarter was $43 billion
Based in Detroit, Michigan, General Motors Co operates in the MANUFACTURING sector.
Condensed Consolidated Income Statements - USD ($ in Millions) 3 Months Ended Mar. 31, 2024 vs. Mar. 31, 2023:
Net Sales and Revenue:
- Total net sales and revenue for the current period amounted to $43,014 million, showing an increase compared to the previous period's $39,985 million. This was primarily driven by growth in Automotive and GM Financial segments.
Costs and Expenses:
- Total costs and expenses for the current period were $39,277 million, up from $37,407 million in the previous period. The increase was primarily due to higher costs in both the Automotive and GM Financial segments.
Operating Income:
- Operating income for the current period stood at $3,738 million, showing a significant improvement from the previous period's $2,578 million. This increase was driven by higher sales and effective cost management.
Net Income:
- Net income for the current period was $2,953 million, compared to $2,346 million in the previous period, reflecting a positive performance and growth trajectory.
Earnings Per Share:
- Basic earnings per common share for the current period were $2.57, up from $1.70 in the previous period. Diluted earnings per common share also showed growth, with the current period reporting $2.56 compared to $1.69 in the previous period.
Overall, the company demonstrated a strong financial performance in the current reporting period, with notable increases in revenue, income, and earnings per share compared to the same period in the previous year.
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