Whopping $15.5 billion loss for GM

General Motors has announced today a $15.5 billion net loss for the second quarter of the year, with declining sales of large pickups and SUVs and $9.1 billion of predominantly non-cash special items largely to blame for the poor result.

The other key factors were costs associated with the American Axle and factory strikes, charges related to its U.S. hourly worker buyout program, and actions to reduce North American truck capacity.

The loss equates to $27.33 per share for the second quarter - including all the one-off charges and special items - compared with net income from continuing operations of $784 million or $1.37 per share in the second quarter of 2007.
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cybernetck - 8/1/2008 9:54:13 AM

+5 Boost

GM on the ropes? Sure sounds like it; for all of our sakes, I hope they can pull through this.

Agent009 - 8/1/2008 10:06:42 AM

+3 Boost

If it wasn't for developing markets outside the US GM would no longer be around.

BigShow50 - 8/1/2008 9:59:05 AM

-5 Boost

With all the plant shut downs, let alone the massive layoffs in the sea of thousands, and they still delcare loses to this extent?....Just like their piss poor products and the same old pigeon brain GM execs...so guys what's "NEW?"....LMAO!!!

91z4me - 8/1/2008 10:21:31 AM

+1 Boost

Well the products are new and much improved. Although what I am seeing is a lot of the same old mindset of wait and see.

I have begun losing my interest in GM on the whole, while I still hope they pull through I think I may become a fan of another brand soon.

bmwdrvr - 8/1/2008 12:15:09 PM

+2 Boost

you dont know much about business obviously....for one GM's product are more than improved in many cases they are extremely competitive if not better in some aspects than the competition.....of course all this improvement costs alot of money, with their already sinking sales, and profits...matched with new costs to improve to gain sales and stop losing market share, the strike, and other issues of course they arent afloat yet......

Htay7500 - 8/1/2008 10:02:23 AM

+1 Boost

ouch?

montyz81 - 8/1/2008 10:06:31 AM

+5 Boost

And Exxon/Mobil made $15billion this past quarter. Hmm, is there a correlation. This is crazy!

Hantra - 8/1/2008 12:10:16 PM

+1 Boost

What's funny is that XOM made $1,500 per SECOND last quarter.

If you take the number of gallons of gasoline sold in the US in 2006 (most recent available), and extrapolate it all out, IF XOM owns 30% of those sales, they made $1.50 per gallon last quarter.

I don't care how much they make, but what pisses me off is when they go before Congress and say "But we ONLY make $0.02 PER GALLON <sniff><sniff>."

Then you got stupid people out there who believe that, and spout it like gospel.

If they're reporting $15B, who knows what they actually made. Got to love "GENREALLY ACCEPTED" accounting "principles".

/rant

kablaam - 8/1/2008 12:33:05 PM

+2 Boost

XOM makes most of its money from exploration(ie. drilling).

Secondly, their profit margin is only, a bit over 10%. Compare that to any other company and XOM would be a lagger. ie. MSFT = 30%, JNJ = 20%.


They do not set the price of OIL, nor, to an extent, do they set the price of a gallon of gas(which is market adjusted).

AgentOrange - 8/2/2008 8:52:28 PM

+1 Boost

The greed of the American Oil industry is killing the American Automobile Industry - and with the unintended consequence of eventually putting themselves out of business when alternate cleaner, less expensive energy sources are developed.
Enjoy your short time in the limelight Oil Companies, cause the party will end sooner than you think.
Only in America - you can't make this stuff up...