Automotive

General Motors Co. (NYSE:GM) stock plummets despite stronger Q3 financial results

General Motors Co. (NYSE:GM) shares plummeted nearly 4 percent in the mid-day trading on Tuesday despite posting better-than-expected financial results for the third quarter.

The Detroit auto maker posted earnings of $2.77 billion for the three-month period ended Sept. 30, well above $1.36 billion in the same period last year. On an adjusted basis, earnings were $1.72 per share that surpassed consensus forecast of $1.45 per share.

Revenue for the quarter came in at $42.83 billion, up 10 percent from the year-earlier quarter. Analysts on average were looking for a revenue of $39.3 billion.

However, the company reported a loss of $142 million in Europe amid currency fluctuation and industry weakness associated to the separation of U.K from the European Union.

GM stock is currently trading around $31.70 by declining about 3.87 percent on volume of 20.45 million shares.

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