GE's Financial Services-Profit Loss To Weigh On Wall Street Friday

by Jacob Cherian    April 11, 2008

Hartford, CT (Marketsblog) - Taking losses from its financial services segment, General Electric Co. posted Q1 profits that were less than expected, according to published reports Friday. 

News of the smaller than anticipated gains at GE is expected to weigh on stocks when the markets open on Wall Street, say analysts.

GE's net income dived 6 percent to $4.30 billion, the equivalent of 43 cents per share from an year-ago figure of $4.57 billion, the Associated Press reported.

Thomson Financial analysts forecasted profits that were in line with 50 cents to 53 cents per share. 

GE CEO Jeff Immelt said in a statement, "Demand for our global infrastructure business remained strong, but our financial services businesses were challenged by a slowing U.S. economy and difficult capital markets."

This work is licensed under a Creative Commons Attribution 3.0 License.

Rate It:

• 1
• 2
• 3
• 4
• 5