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GM Beats Estimates on Demand for Trucks; Ahead of the Ticker

NEW YORK ( TheStreet) -- General Motors (GM - Get Report) reported better-than-expected second-quarter profit boosted by demand for pick-up trucks in North America and cost-cutting in Europe.

The automaker said net income fell to $1.2 billion, or 75 cents a share, from $1.5 billion, or 90 cents a share, a year ago. Excluding one-time items, the company earned 84 cents a share, beating analysts' expectations by 9 cents.

Net income declined 16% in the quarter, weighed down by weakness in Asia-Pacific countries excluding China.

Revenue climbed about 4% to $39.1 billion, beating analysts' estimates of $38.37 billion.

Looking ahead, GM Chief Financial Officer Dan Ammann said he expects improved performance in the second half of the year, boosted by GM's line of redesigned pickup trucks and other new car models.

Swiss bank Credit Suisse (CS - Get Report) reported a 33% rise in second-quarter profit on strength in its wealth management and investment banking divisions.

Credit Suisse reported net income of 1.045 billion Swiss francs ($1.11 billion) for the quarter, up from 788 million francs in the same period last year.

The bank said its wealth management arm had 7.6 billion francs in net new assets and strong inflows in emerging markets.

Cost-cutting helped the company boost results as well. Credit Suisse said it cut staff by nearly 4% from a year ago and that it was on track to reduce costs by 4.4 billion francs by the end of 2015.

Google (GOOG - Get Report) introduced a competitor to the Apple (AAPL - Get Report) TV -- a device called Chromecast that will allow users to stream media from smartphones, tablets and computers.

By plugging the dongle device into a television's HDMI port, users can use their wireless home Internet to link to mobile devices. The media is then streamed from the cloud, which Google said allows for higher-quality streaming and less drainage on the mobile device's battery. Google said Chromecast will be able to stream across various operating systems, including Apple iOS and Android.
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