General Motors Co. reported a $0.6 billion reduction in net income during the first quarter of 2012.
This slump works out to $0.33 per share, a fact that lead to the American automaker’s stock to drop on May 3. Total revenue for the quarter was $37.8 billion, an increase of $1.6 billion over the first quarter of 2011. The revenue beat the expectations of many, with eight respected analysts expecting revenues to be $37.59 billion. General Motors hopes to move from 14 million to 14.5 million light vehicles in America this year due I part to an improving of the overall automotive market in the U.S.
Industry experts are predicting that General Motors’ second quarter will be nearly identical to its first quarter performance. Fortunately for dealerships that finance bad credit, these indicators are only for new auto sales, not used ones.