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Automakers

GM Loses Another $6 Billion

Revenue drops almost 50 percent.

Looks like somebody could use a stress test: General Motors spent about $10.2 billion in the first quarter of 2009 and posted a net $6 billion loss—twice its quarterly loss at the same time last year. That averages out to a loss of $9.66 cents a share, which is actually better than the $11 a share some forecasted. Revenue dropped 47 percent to $22.4 billion from $42.4 billion a year ago. GM has until June 1 to sell the government on a restructuring plan or else it faces bankruptcy protection.

Read it at Associated Press

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