Why GE Shares Tanked This Week
After General Electric (NYSE: GE) reported its first-quarter 2022 earnings earlier this week, its stock sank, and the number just kept dropping as the week progressed. GE shares dropped 10% on Tuesday after the report and are down nearly 13% for the week as of early Friday, according to data provided by S&P Global Market Intelligence.
Total orders for the quarter grew 11% year over year, driven mainly by the aviation segment. That's not too surprising; airlines have been seeing a strong recovery as consumers look forward to traveling more. Orders and revenue grew 31% and 12%, respectively, in aviation. But those metrics dropped materially in the renewable energy segment, and GE management warned investors that several headwinds remain for its overall business.
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Source Fool.com
