GM 3Q profit falls 40% to $2.4B as chip shortage dings sales

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — High prices for trucks and SUVs helped General Motors post a $2.4 billion third-quarter profit. But the income was 40% lower than a year ago due to short supplies of new vehicles because of a global computer chip shortage. The earnings fell from $4 billion last year as sales slumped and the company lost market share in the U.S., its most profitable country. Excluding one-time items, GM made $1.52 per share, beating Wall Street estimates of 98 cents. Revenue for the quarter fell 25% to $26.78 billion. According to FactSet, that was far short of analysts’ estimates of $30.72 billion.