Vacuum cleaner manufacturer GE makes $4.8 billion in profit in third quarter

GE announced Thursday that its third-quarter earnings beat Wall Street expectations by a wide margin, after beating analysts expectations and reporting a profit of $4 billion.

GE is also the first company in the history of the Dow Jones Industrial Average to make a profit this year.

The company said that it earned $4,937 per share on revenue of $10.9 billion. 

The company is making a profit on its $4 million buyback of its stock, which is a way for GE to raise cash.

GE, which has been making the most money ever from buying back its stock and then selling it, is the third-largest company on Wall Street. 

“GE has proven to be an incredibly innovative and disruptive company, and we are pleased with its performance,” said Chief Executive Officer Kevin Murphy.

GE’s stock rose 0.4% to $38.76, and shares of rival companies Amazon and Walmart gained. 

Shares of Tesla, a maker of electric vehicles, closed up 0.3% after a disappointing quarterly earnings report that said it was losing money.

Tesla is in the midst of building a battery plant in Nevada that could generate 500,000 new electric cars a year by 2021. 

GE’s stock has gained nearly 100% since it reported its earnings on Monday. 

For more on the Dow, check out the following articles: Dow: Tesla is the first in the U.S. to turn a profit in its history (Associated Press) Dell earnings beat analysts expectations (Wall Street Journal) Tesla and IBM’s Watson win over Apple (AP) Apple’s iPad business, Apple Watch, is up 5.9% year over year (Financial Times) The Dow Jones: Tesla’s earnings beat analyst expectations (Financial Review) Jobs: What to know about the Dow and other stock news (The Wall Street, AP) Bond Market: What the latest news is about the S&P 500 index (Reuters) U.S.-China trade war could cost $1.1 trillion (Bloomberg) Amazon is the world’s largest online retailer, but it has lost billions in its latest $3 billion takeover bid The Associated Press contributed to this report.

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