RTTNews | Oct 27, 2021 11:35AM EDT

11:35 Wednesday, October 27, 2021 (RTTNews.com) - Automaker General Motors Co. (GM) is down 5% in the Wednesday market after the company reported a lower net income than the previous year. However, earnings were higher than the Street estimates

The third-quarter net income attributable to shareholders was $2.42 billion or $1.62 per share, lower than $4.05 billion or $2.78 per share in the prior-year quarter. Excluding items, adjusted net income for the quarter was $1.52 per share, compared to $2.83 per share in the year-ago quarter. On average 15 analysts polled by Thomson Reuters estimated the earnings to be $0.96.

Revenue for the quarter decreased to $26.78 billion from $35.48 billion in the same quarter last year. Analysts expected revenue of $26.51 billion for the quarter.

The shares are currently trading at $54.82, down $2.55 or 4.44% since their previous close at $57.37. The stock opened at $55.60 in the morning. In the 52-week period, the shares have ranged between $33.55 and $64.30 per share.

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