UPDATE: GM shares down premarket as revenue miss weighs against profit beat and chip shortage takes its toll

General Motors shares GM, -0.68% reversed aboriginal gains to commercialized down 1.6% successful premarket commercialized Wednesday, aft the institution blew past nett estimates for the 3rd 4th and offered above-consensus guidance for the afloat year, but suffered a gross miss. GM said it had nett income of $2.420 billion, oregon $1.62 a share, successful the quarter, down from $4.045 billion, oregon $2.78 a share, successful the year-earlier period. Adjusted per-share net came to $1.52, good up of the 98 cents FactSet consensus. Revenue fell to $26.779 cardinal from $35.480 cardinal a twelvemonth ago, missing the $30.722 cardinal FactSet consensus. The 4th "was challenging owed to continuing semiconductor pressures," CEO Mary Barra said successful a missive to shareholders. However, it besides included "strong terms and premix show successful North America, the payment of the company's callback outgo betterment statement with LG Electronics and the continued beardown fiscal results astatine GM Financial. As a result, the institution is connected way to present full-year 2021 EBIT-adjusted net approaching the precocious extremity of its guidance range," GM said successful a statement. The car shaper is present expecting full-year EPS to scope from $5.52 to $6.52. It expects adjusted EPS to scope from $5.70 to $6.70, compared with a FactSet statement of $6.41. Shares person gained 38% successful the twelvemonth to date, portion the S&P 500 SPX, +0.18% has gained 22%.