General Electric just released its third quarter earnings report and Wall Street wasn’t too thrilled.
The company’s CEO has a turn around plan for the company fortunately, and the third quarter results show that there’s some work needed. This is the first earning report under the company’s new CEO John Flannery who replaced Jeff Immelt.
The stock saw a loss of 8% in premarket trading alone after the report but bounced back before the bell range.
It looks like traders are feeling optimistic about the turnaround plan because General Electric managed to close in the green despite a rocky start on Friday.
For the period, the company earned 29 cents per share, which was down 9 cents from the same period a year ago. This was well below the 49 cents that Wall Street expected.
Revenue was a beat at least at $33.47 billion, a 14% increase, and higher than the $32.56 billion analysts waited for.
“We are focused on redefining our culture, running our businesses better, and reducing our complexity,” said CEO Flannery. “I look forward to meeting with investors in November to update them on our progress.”
Disclaimer: We have no position in General Electric Company (NYSE: GE) and have not been compensated for this article.