GE beats forecast, but profits down 35 percent

General Electric (GE) posted a net profit that's down 35 percent from last year, but beat Wall Street expectations. Wall Street expected a 21 cents per share profit and GE posted a profit of 26 cents per share. Revenue for GE fell 9 percent to $38.4 billion. Analysts forecast revenue to hit $39.8 billion. So GE beat expectations mainly due to its cost cutting moves.

The division everyone was watching, GE Capital, earned $1.1 billion and the company said it expects the division to be profitable for the full year.