Thursday, May 7, 2009

GM in Picture Form... It's Ugly

Yahoo details:

General Motors Corp. posted a $6 billion first-quarter loss and said it spent $10.2 billion more cash than it took in during the first three months of the year as revenue plummeted by $20 billion. Chief Financial Officer Ray Young said talk of the company going into bankruptcy reorganization protection appeared to have scared some consumers away from buying GM vehicles.

GM faces a June 1 government deadline to finish a restructuring plan or go into bankruptcy protection. GM's loss for the quarter amounted to $9.78 per share, compared with a loss of $3.3 billion, or $5.80 per share in the year-ago period.