Blue chip General Motors (GM: sentiment, chart, options) took its turn in the earnings spotlight this morning, reporting a second-quarter loss of $15.5 billion, or $27.33 per share, as revenue dropped 18% to $38.2 billion. Excluding $9.1 billion for special items, GM would have lost $6.3 billion, or $11.21 per share. Analysts were looking for a loss of $2.85 per share on revenue of $42.6 billion. GM is expected to remain in the headlines today, with July U.S. auto sales figures slated for release.
In other earnings news, Chesapeake Energy (CHK: sentiment, chart, options) posted a second-quarter loss of $1.65 billion, or $3.17 per share. The latest results include a $2.06-billion mark-to-market loss on energy and interest-rate hedges triggered by sharply higher gas and oil prices. Excluding items, the firm earned $479 million, or 89 cents per share, on revenue of $2.23 billion. The Street was calling for earnings of 88 cents per share on $2.28 billion in revenue.
Elsewhere, Sun Microsystems (JAVA: sentiment, chart, options) this morning reported fourth-quarter earnings of $88 million, or 11 cents per share, compared to $329 million, or 36 cents per share, in the same period a year ago. Revenue docked at $3.78 billion, a decrease of 1.4% from fiscal 2007. Analysts, on average, estimated earnings of 73 cents per share on sales of $3.78 billion. The firm also announced that its board authorized an additional repurchase of up to $1 billion of the company's outstanding common shares.
Opening View: General Motors Reports 15.5-Billion Dollar Loss, Revenue Falls 18 Percent