GM's quarterly loss turned out to be smaller than expected

General Motors Co. (GM.US) reported a quarterly loss of 50 cents per share, while analysts expected much wider loss of $1.77 per share loss. Revenue came in below market expectations as company was forced to close its factories due to the pandemic during part of the quarter. "Clearly, the second quarter was a challenge, but we achieved near breakeven EBIT-adj. in North America, despite losing 8 of 13 weeks of production," Chief Financial Officer Dhivya Suryadevara said in a statement. "These results illustrate the resiliency and earnings power of the business as we make the critical investments necessary for our future."

General Motors Co.(GM.US) stock rose over 4.0% in premarket trade. Should upbeat moods prevail, price might test the upper limit of the symmetrical triangle pattern and eventually resistance at $31.89 per share. Local support is located at $24.26 per share. Source: xStation5

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