GM feeling effects of Europe's sputtering economy
The Kansas City Star
Just when things were looking up for General Motorists, Europe’s bad economy pulls down GM’s profits like a trailer of dead wood that a Chevy is trying to drag up a Colorado mountainside.
GM’s second-quarter profit fell 41 percent, The New York Times reported. GM lost $361 million in Europe during the quarter compared with an operating profit of $102 million a year ago.
The Times reported that global revenue dropped to $37.6 billion from $39.4 billion in the second quarter of 2011. The company’s North America profits of $2 billion compared with $2.2 billion a year ago.
GM’s numbers may foretell what’s to come for other U.S. companies doing business in Europe.