General Motors Company (NYSE: GM) and Ford Motor Company (NYSE: F) reported quarterly earnings this week in the wake of the City of Detroit filing for bankruptcy.
Greg Morcroft, senior money editor at the International Business Times, discusses the automakers’ earnings results and the future of Detroit.
On Thursday, GM issued a better-than-expected second-quarter profit after the auto giant revealed that cutting costs helped the company reduce losses in Europe. The company earned $1.2 billion, or 75 cents a share, in the quarter, down from the $1.5 billion in the year-ago period.
Ford also reported a better-than-expected second-quarter profit Wednesday, as the automaker saw second-quarter profit rise $1.23 billion, while revenue was up 14 percent to $38.1 billion.