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GE posts 16 pct profit gain

GE posts 16 pct profit gain

General Electric Co. says its second-quarter net income rose 16 percent, the first time since late 2007 that the conglomerate has posted a higher profit.
Revenue fell 4 percent, but GE was able to cut costs by nearly $3 billion.
GE had net income of $3.1 billion, or 28 cents per share. That was up from $2.7 billion, or 25 cents per share, a year earlier. That beat analyst estimates of 27 cents per share.
GE makes everything from refrigerators to power plant equipment, and is also a major lender to companies. It is considered a bellwether of the broader economy.
GE says that orders are improving in its industrial unit. Its GE Capital financial division also turned in a profit after recent big losses.


Updated : 2020-12-05 03:19 GMT+08:00