GM Reports First Quarterly Profit Since 2007, Credits Cost Cutting Moves for Success

General Motors has reported its first quarterly profit since 2007, posting a profit of $865 million over the first three months of 2010. According to GM the first three months of the year produced sales of $31.5 billion, a solid improvement over their $22.4 billion in sales for the same quarter last year.

The profit was a vast improvement over the $6 billion loss GM reported for the same quarter last year. GM has pointed to a number of cost-cutting measures and strong sales tied to their new models as cause for the improvement.

Those cost-cutting moves included the selling or dropping of Hummer, Saab and Saturn, the closing of 14 factories and the cutting of more than 65,000 jobs.

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