LONDON (ShareCast) - (ShareCast News) - US industrial giant General Electric slumped in pre-market trade on Wall Street on Friday after it reported that its quarterly profits fell short of expectations.
Net income fell to $1.80bn from $1.99bn from the corresponding quarter in 2016, with adjusted earnings per share coming in at 29 cents, well below the 49 cents expected by analysts collated by FactSet.

However, GE saw its quarterly revenue rise 14.4% for the three months to 30 September to $33.47bn.

The Boston-based company's stock price fell over 6% in pre-market trading ahead of the open in the US.

GE replaced CEO Jeff Immelt in August of this year as it attempts to restructure its business in order to keep up with modern trends.

Immelt was replaced by John Flannery, who said the firm wanted to make its business less complex.

"We are focused on redefining our culture, running our businesses better, and reducing our complexity," Flannery said in a statement. "I look forward to meeting with investors in November to update them on our progress."

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