Digest: Finance unit pulls GE earnings down (Houston Chronicle)
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General Electric Co. spared investors any nasty surprises as it reported a 22 percent drop in third-quarter earnings on Friday, meeting its own lowered forecast and blaming the decline on its struggling finance arm. GE reported net income of $4.3 billion, or 43 cents per share. Sales rose 11 percent to $47.23 billion.
GE Profit Drops as Expected, Finance Unit a Drag (Washington Post)
BOSTON (Reuters) - General Electric Co (GE.N) reported a drop in quarterly profit that matched its recent warning to Wall Street, and the U.S. conglomerate said the global credit crunch and slumping economies would continue to take a toll on its hefty finance arm.
