General Motors pays up shares for $10 bn

12:16 - 30.11.2023

November 30, Fineko/ General Motors Co. has published new forecasts for 2023, and also announced the launch of an accelerated share repurchase program worth $10 billion and the intention to increase dividends by 33%.

GM shares jumped 6% in price during preliminary trading on Wednesday.

The company has raised its profit forecasts twice this year, but in October it completely withdrew them because of an employee strike.

According to GM's new forecasts, presented on Wednesday, its net profit in 2023 will be $9.1-9.7 billion, or $6.52-7.02 per share, adjusted earnings - $7.2-7.7 per share, adjusted EBIT - $11.7-12.7 billion.

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