(General Motors Company) General Motors reported a $2.8 billion profit in the second quarter of 2021, a rebound from a loss of $758 million in the same period last year.
The second quarter’s diluted earnings per common share were $1.9, up from $0.56 in the same quarter last year though down from the expected $2.23.
The company’s half-year profit was $ 5.8 billion, a contrast to a loss of 464 million in the first half of 2020.
The first half diluted earnings per common shares were up to $3.93 from $0.39 loss reported last year.
The net revenue for the second quarter of 2021 was $ 34.2 billion, up from $ 16.8 billion in the same quarter last year.
GM’s first half-year revenue was $66.6 billion, an increase from $49.5 billion in the first half of 2020.
The Detroit-based automaker raised its adjusted full-year profit guidance to between $11.5 billion and $13.5 billion from $10 billion-$11 billion.
GM expects ongoing chip shortage to cut earnings in the range of $1.5 billion to $2 billion.
GM: NYSE is down -3.71% on pre-market.
