BUSINESS
04/19/2008 05:12 am ET | Updated May 25, 2011

"Shocking" GE Results Prove Depth Of Financial Crisis

General Electric underlined the depth of the global financial crisis on Friday, announcing its worst quarter in five years and slashing full-year forecasts.

The news, described as "shocking" by a senior GE executive, combined with data showing that US consumer confidence was at a 26-year low to send shares lower. The S&P 500 fell 2 per cent in New York to 1,332.83.

Shares in GE, which derives more than half its revenues overseas and is seen as a bellwether of the global economy, led the way, falling 12.8 per cent - its biggest loss since the 1987 stock market crash.

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