GE Reports Steep Quarter 2 Decline
In rather bad economic news, blue chip stock stalwart and pillar of the economy General Electric Co. has reported a somewhat steep dip in their 2nd Quarter earnings and is continuing to struggle in the present economy according to some financial analysts.
all in all, they reported earnings of only some 26 cents per share, which is down from the same quarter last year more than fifty per cent per share. In addition to this, they also had a net income fall of 47 percent to $2.9 billion, which is down from $5.4 billion in the second quarter of 2008.
According to Richard Tortoriello an analyst for Standard & Poors this is a significant decline for General Electric with their diversified product lines that include gas turbines, power plants and aircraft engines, among many other things. I wonder if they need debt help, credit counseling or some kind of debt relief or debt consolidation? No I just think they need some kind of company, non-profit credit counseling in general.
The chief executive of General Electric Jeffrey R. Immelt stated that his team was focused on cutting costs while improving operations and believed with their plan General Electric will profit during the next quarter.
Analysis stated that one of the main concerns for General Electric is consumers putting off making large purchases until there are signs that the economy is recovering and this could keep General Electric down in the next quarter.