GM reports $700M net income for Q3

With the third quarter of 2013 wrapping up, General Motors has published its quarterly earnings, announcing a net income of $700 million, a significant drop from Q3 2012's $1.5 billion in net income. The drop is being blamed on a $900 million loss from "special items," $800 million of which was part of a 120-million share repurchase of preferred stock. GM also lost $500 million on tax expenses. Despite the drop in income, net revenue was up $1.4 billion year-over-year, from $37.6 billion in Q3 of 2012 to $39 billion in Q3 2013. Earnings before interest and tax climbed to $2.6 billion from $2.3 billion.

Autoblog , GM reports $700M net income for Q3, GM reports $700M net income for Q3