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‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

GM posts Q3 profit of US$3.3b

GM benefited from increased auto deliveries worldwide, including in North America. (Creative Commons)
  • Revenues jumped 56 percent to $41.9 billion, a quarterly record.
  • GM Chief Financial Officer Paul Jacobson acknowledged rising worries about the drag from inflation on economic growth.

NEW YORK, UNITED STATES – General Motors confirmed its full-year financial forecast Tuesday, lifting shares as it reported strong consumer demand in spite of a “challenging” environment with grinding inflation.

The big US automaker scored a 37 percent jump in third-quarter profits to $3.3 billion, bolstered by strong vehicle pricing in a market with historically low auto inventories.

Revenues jumped 56 percent to $41.9 billion, a quarterly record.

GM Chief Financial Officer Paul Jacobson acknowledged rising worries about the drag from inflation on economic growth, but said the company was still seeing robust demand for its products.

“We haven’t seen any direct impact on our products. Pricing remains strong, demand remains strong for our product,” Jacobson said on a conference call with reporters.

“I think we can’t ignore what others are saying out there and what others are seeing out there,” he said. “But we continue to see that strong demand so the best we can do is be prepared for it.”

GM benefited from increased auto deliveries worldwide, including in North America where it shipped around 75 percent of the partially-built autos from the prior quarter that had been suspended due to shortages of key materials.

Like other automakers, GM’s operations have been constrained by limits on components, especially semiconductors.

The Detroit-based company pointed to “improvements” in the supply chain and semiconductor availability, but said it still faced “commodity and logistic challenges,” according to its earnings presentation.

The results translated into higher-than-expected profits per share, but revenues slightly lagged analyst expectations.

Shares jumped 4.9 percent to $37.47 in pre-market trading.