GE quarterly revenue drops 5 percent

(Reuters) – U.S. industrial conglomerate General Electric Co (GE.N) reported a 5 percent fall in revenue and a $10 billion loss for the fourth quarter on Wednesday, driven by an already revealed $11 billion charge for insurance losses and taxation.

Loss from continuing operations attributable to GE shareholders was $10.01 billion in the quarter ended Dec. 31, compared with a profit of $3.48 billion a year earlier. [invent.ge/2rAx8Wf]

On a per-share basis, GE reported a loss from continuing operations of $1.15, compared with a profit of 39 cents per share.

GE said last week it would book a $11 billion charge in the fourth quarter, including $6.2 billion for reevaluation of insurance assets. The insurance charge was double what GE warned last year.

Total revenue fell to $31.40 billion from $33.09 billion.

Reporting by Rachit Vats in Bengaluru; Editing by Anil D’Silva



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