GM puts profit ahead of growth, veering away from Tesla
said net income for the second quarter rose by nearly 52% to $2.6 billion, as revenue grew 25% from the year-ago period when production was hobbled by semiconductor shortages.The Detroit automaker said it now expects full-year net income of $9.3 billion to $10.7 billion, up from a previous forecast of $8.4 billion to $9.9 billion. On a per-share basis, GM is now forecasting net income of $7.15 to $8.15 for the year, up from a range of $6.35 to $7.35.
GM's more bullish outlook comes after six months of stronger demand and richer pricing than expected earlier this year, Chief Financial Officer Paul Jacobson said during a media conference call.GM said it will spend $11 billion to $12 billion on capital investments this year, down from an earlier plan to spend $11 billion to $13 billion. Jacobson did not identify specific projects that would be cut.
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