Following an earnings beat in Q1 2024, GM’s Q2 results not only outperformed consensus forecasts again, but were again accompanied by an upward adjustment of its full-year forecast. The market’s response was to mark the shares down by 6-7% on results day, its biggest daily drop since December 2022, though the price had climbed by around 2% in the days immediately prior to the Q2 earnings release.
The apparently perverse market reaction was thought to be attributable to longer-term concerns over the Cruise operation, continuing struggles in China and the potential for the North American market to become tougher.
