Watch CBSN Live

Earnings: GE Q1 Earnings Down 8 Percent; NBC Revs Up 3 Percent; Stock Slides On Outlook

This story was written by Joseph Weisenthal.

Yes, we're getting close to that time again GE, the parent company of NBCU, has announced surprisingly weak Q1 results with continuing income sliding 8 percent to $4.36 billion from $4.9 billion. Total revenue was still up 8 percent year-over-year to $42.2 billion, from $39.2 billion. NBC was pretty languid, growing revenue by a modest 3 percent to $3.6 billion, while net profit rose by the same amount. Not surprisingly, GE's financial services proved to be the major quarter killer. Ominously, for the market, the company said it was cutting its growth estimates for the year to between 0-5 percent, and in pre-market trading, the bellwether is down over 9 percent, a major move for a company of its size.

Release | Webcast (8:30 AM ET)

By Joseph Weisenthal

View CBS News In