General Motors stunned Wall Street today, reporting a $15.5-billion second-quarter loss—a figure far worse than anything analysts had predicted—as sales collapsed on the company's most profitable products, trucks and SUVs. Prognosticators had estimated the automaker would lose $2.62 per share, excluding items; instead the loss came in at $11.21 a share, and with items that figure ballooned to $27.33, the Wall Street Journal reports.
The main culprit of the downturn was North American revenue, which fell by almost a third, as GM’s market share slid to 20.2%. Revenue overall fell 18%. The loss included $9.1 billion in restructuring charges and writedowns. "The second quarter this year has been one of the fastest-changing markets I have ever seen," GM’s chief finance officer told reporters. “We're going to get the second quarter behind us and move ahead.”