GE is getting smoked after missing big on earnings

  • Shares of General Electric are down 6.91% to $US21.96 after the company reported disappointing earnings and slashed forecasts.
  • GE reported an adjusted profit of $US0.29 per share, much lower than the $US0.49 per share expected by Wall Street.
  • The company also cut its profit forecasts for the year to $US1.05-$US1.10 from $US1.60-$US1.70, a 34% drop.
  • GE said a lot of its costs are coming from new CEO John Flannery’s restructuring plan.

Read more about GE’s earnings results here.

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