The Clap
GM reported a 40% decrease in net income during Q2 in comparison to last year.
The Deets
Net income in Q2 was $1.69 billion, significantly lower than the $2.84 billion last year. They reported revenue growth of 5%, reaching $35.76 billion in Q2.
They reported earnings per share of $1.14 per share, less than the expected $1.23 per share.
Why the lower poor earnings?
GM was faced with an issue in shipping 100 thousand cars due to a shortage in spare parts.
In addition to that, the global supply chain crisis as well as the shortage in microchips has led the business to slow down significantly.
GM hurt after reporting poor earnings for Q2 🤕
