General Electric has reported that its third-quarter profit fell 44% to $2.4 billion as it was hurt by weak results from its finance arm.
The company, which makes aircraft engines, energy equipment and owns the NBC Universal media entertainment group, said the profit excluding special items was 27 cents a shares, better than market expectations of 20 cents.
Revenues meanwhile fell 20% to $37.8 billion, below expectations.
All of GE's segments were profitable including its Capital Finance arm, but the division saw an 87% slide in operating income.
Big industrials including GE have slashed costs aggressively through the worst downturn the United States has experienced since the Great Depression.
With the recession starting to come to an end, investor attention is turning to the question of when revenue growth will return.
Jeff Immelt, GE chief executive, said there were signs the world economy is coming out of a brutal slump and noted that GE is moving forward with its plan to scale back GE Capital.
‘While it remains a tough environment for GE Capital, we are seeing signs of stabilization,’ Mr Immelt said.
