18 Jul 2009

GE earnings tumble

6:16 am on 18 July 2009

General Electric's earnings fell 47% to $US2.9 billion in the second quarter of 2009 from the same period last year as the global economic slowdown took its toll.

Revenues fell 17% to $US39.1 billion from the same quarter last year.

The company has been hit by falling revenues and profits at its finance arm, Capital Finance.

The BBC reports the conglomerate, which is seen as a barometer of economic health in the United States, has interests ranging from the media to finance to heavy industry.

In a statement, GE chairman and chief executive Jeff Immelt said growth of 13% in profit at GE's energy infrastructure division was offset by an 80% drop at Capital Finance and a 41% fall at NBC Universal.