General Electric Co (NYSE: GE) stock is down more than 2% Friday, after the company reported a mixed quarterly earnings financials.
The good news – General Electric reported a 6.7 percent rise in quarterly profit, helped by the growing strength of its power and renewable energy business segment.
The bad news, slow economic growth impacted revenue. The decline of the oil and gas business in particular continued to be a burden. As a result General Electric lowed its range of profit for the year.
Net income from continuing operations rose to $2.10 billion in the third quarter ended Sept. 30 from $1.97 billion a year earlier. Earnings per share from continuing operations rose to 23 cents from 19 cents. Total revenue grew 4.4 percent to $29.27 billion.