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Quarterly results for General Motors (NYSE: GM) were due at 10:30 this morning, but as Amey Stone noted, 10:30 came and went and no news.

Then came word that trading had been halted in the stock, which tells us something about what's in the report. And you can be pretty sure that the news is very bad indeed.

Now the third quarter results have been posted on GM's website. Here are some highlights:

* The worst news is that monthly cash burn has increased to over $2 billion per month. For the quarter, GM went through $6.9 billion, about $4.4 billion more than a year ago. Analysts have been assuming a roughly $1 billion per month burn rate, but these new figures indicate that the day of reckoning is even closer for GM.

* Revenue fell by $5.8 billion to $37.9 billion, down from $43.7 billion in 3Q 2007.

* The operating loss was $4.2 billion, worse than expected.

* GM says that it expects the market to remain "soft" into 2009. Previous statements called for a recovery in 2009, but there's no such optimism now.

* CEO Rick Wagoner is calling for more government help: "The U.S. government's actions to help stabilize the credit markets and eventually ease the credit crunch are an essential first step to the economy's and the auto industry's recovery, but further strong action is required."

The stock has fallen about 12% now that trading had resumed, to $4.21. The decline is no surprise, given the implications of the report. GM may finally have to stop saying that bankruptcy is not an option.

GM 3Q earnings: The cash keeps burning originally appeared on BloggingStocks on Fri, 07 Nov 2008 12:16:00 EST. Please see our terms for use of feeds.

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