WKYT | Lexington, Kentucky | News

GM Posts $6 Billion Loss for First Quarter

DETROIT (AP) - General Motors Corp. says it lost $6 billion in
the first quarter and spent $10.2 billion more cash than it took
in, as a sales slump cut revenue by $20 billion.
The nation's biggest domestic automaker lost $9.78 per share,
compared with a loss of $3.3 billion, or $5.80 per share, in the
year-ago period.
GM has received $15.4 billion in federal loans and faces a June
1 government deadline to finish a restructuring plan or go into
bankruptcy protection.
Revenue dropped 47 percent, to $22.4 billion from $42.4 billion
in the year-ago quarter.


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