General Electric released its third quarter earnings results Oct. 20.
Here are four things to know about the company's performance.
1. The company posted $33.47 billion in revenue for the third quarter, up 14 percent from $29.27 billion during the same period one year prior.
2. GE reported $1.69 billion in net earnings during the third quarter, down 13 percent from $1.95 billion reported during the third quarter of last year.
3. The company's healthcare segment posted $4.72 billion in revenue during the third quarter, up 5 percent from $4.48 billion accrued during the third quarter last year.
4. GE attributed its lackluster earnings performance to its power segment, which reported $8.68 billion in revenue, down 4 percent from $8.99 billion during the same period last year.
"This was a very challenging quarter, " said John Flannery, chairman and CEO of GE. The company announced in June Mr. Flannery, former president and CEO of GE Healthcare, would helm the company as chairman and CEO.
"While a majority of our businesses had solid earnings performance, this was offset by a decline in power performance in a difficult market," he continued. "We believe that the new leadership team at power and the cost actions that we are taking will better position the company in 2018 and beyond."
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