GE Q2 profit falls on finance

General Electric Co reported a 47 per cent decline in second-quarter profit as a global recession hurt the finance, health care and NBC Universal divisions, contributing to a bigger drop in sales than analysts predicted.

Revenue dropped 17 per cent to $39.1 billion, trailing the average estimate of $41.9 billion in a Bloomberg survey, and GE fell in early trading. Profit from continuing operations declined to $2.87 billion, or 26 cents a share, from $5.39 billion, or 54 cents, a year earlier, the Fairfield, Connecticut-based company said in a statement on Saturday.

The average estimate was for profit of 24 cents.