GM lifts profit forecast amid strong customer demand
Investing.com — General Motors (NYSE:GM) has lifted its annual profit forecast after the U.S. carmaker reported strength in its core auto business in the second quarter.
The company said it now expects to report net income attributable to shareholders of $9.3 billion to $10.7 billion, up from its prior guidance of $8.4B to $9.9B.
Revenue during the three months ended on June 30 jumped by 25% year-on-year to $44.75B, topping estimates of $41.92B, driven by market share gains in the U.S. and elevated prices.
Supply chain constraints, which had weighed on returns in recent quarters, also continued to ease, boosting volumes. Quarterly net profit rose to just under $2.6B, an increase of more than 51%.
Shares in GM rose in premarket trading on Tuesday.
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