General Motors Co. reported a 35 percent drop in second-quarter profit Tuesday as a $1.1 billion tariff hit weighed on earnings—but the company still exceeded Wall Street expectations and reaffirmed its full-year financial forecast.
The Detroit-based automaker said on July 22 that net income fell to $1.9 billion, or $1.91 per diluted share, down from $2.9 billion, or $2.55 per share, a year earlier. Adjusted earnings came in at $2.53 per share, ahead of the $2.34 average analyst estimate, but below the $3.06 reported in the same quarter of 2024. Revenue declined slightly to $47.1 billion from $48 billion.
The earnings release marks GM’s latest effort to reassure investors amid major changes related to the Trump administration’s tariff-driven global trade reset and a cooling electric vehicle (EV) market. CEO Mary Barra, in a letter to shareholders, acknowledged the headwinds while highlighting the company’s forward strategy—including the expectation that EV demand will eventually rebound….