General Motors Stock Falls After Ford Reports Q2 Results: What's Going On?
General Motors Co (NYSE:GM) shares are trading lower after-hours Wednesday following Ford Motor Co.'s (NYSE:F) second-quarter earnings release.
The Details: Ford shares are dropping after the company reported quarterly earnings per share of 47 cents, missing a Street consensus estimate of 68 cents. Ford also reported a 37% drop in revenue from its Ford Model e segment year-over-year, which the company attributed to industry-wide pricing pressure and lower wholesales.
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GM shares are down slightly in sympathy with Ford during after-hours trading. General Motors reported strong second-quarter results on Tuesday, beating Street estimates with sales growth of 7.2% year-over-year. GM also reported quarterly earnings of $3.06 per share, beating the analyst consensus estimate of $2.72.
GM, F Price Action: According to Benzinga Pro, General Motors shares are down 0.73% after-hours at $46.15 and Ford shares are down 10.24% at $12.27 at the time of publication Wednesday.
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