New York, NY, United States (4E) – General Electric Co. reported a drop in its first-quarter profit due to the conglomerate’s lower revenue.
Profit was $3bn, or 30 cents per share, lower than $3.53bn, or 34 cents per share, in the previous year. Operating earnings stood at 33 cents per share, from last year’s 39 cents per share a year ago.
First-quarter profit fell as the conglomerate’s revenue declined to $34.2bn, according to GE.
Analysts projected per-share operating profit of 32 cents and revenue of $34.36bn.
The company also has been under pressure to lower its dependence for earnings from its finance unit and to its boost its industrial businesses’ performance.
GE has increased its spending to develop new industrial operations like oil and gas, while shedding financial assets like real estate and stakes in global banks.