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Benzinga
  • 3 years ago
General Motors has raised its 2023 guidance for the second time this year following impressive second-quarter results. The company reported adjusted earnings per share of $1.91 and revenue of $44.75 billion, surpassing analyst expectations. As part of cost-cutting measures, GM plans to reduce expenditures by $3 billion, up from the initial target of $2 billion. The reductions will involve sales and marketing spending, employment costs, and other expenses. The company continues to face challenges in producing new electric vehicles, partially due to supply chain constraints such as semiconductor chip shortages. Shares are up approximately 16% this year.
Transcript
00:00 Benzinga and here's what's on the block. General Motors has raised its 2023 guidance
00:04 for the second time this year following impressive second quarter results. The company reported
00:08 adjusted earnings per share of $191 and revenue of $44.7 billion, surpassing analysts' expectations.
00:14 As a part of cost-cutting measures, GM plans to reduce expenditures by $3 billion,
00:18 up from the initial target of $2 billion. The reductions will involve sales and marketing
00:22 spending, employment costs, and other expenses. The company continues to face challenges in the
00:26 production of new electric vehicles, but are partially due to supply chain constraints such
00:30 as semiconductor chip shortages. Shares are up approximately 16% this year. For all things money,
00:36 visit Benzinga.com.