General Motors

(GM) - Get Report

reported a first-quarter loss of $3.25 billion, a result influenced heavily by a writedown in the value of its interest in GMAC and a charge related to the

Delphi

( DPHIQ) bankruptcy.

GM's per-share loss totaled $5.74. In the same quarter a year earlier, GM had a loss from continuing operations of $42 million, or 7 cents a share. Revenue for the quarter ticked lower, slipping to $42.7 billion from $43.4 billion in the 2007 period.

Excluding special items that cut its bottom line by $2.9 billion, GM would have posted an adjusted loss of $350 million, or 62 cents a share, in the first quarter. On that basis, it exceeded the consensus estimate, which was for a loss of $1.60. Revenue was also better than the expected $40.8 billion.

GM Flies Off the Cliff

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The biggest item was a $1.45 billion charge to record a noncash partial impairment of GM's equity investment in GMAC. Based on current market pricing, GM concluded that the estimated fair value of the common and preferred equity interests it holds in GMAC were approximately $1.45 billion less than its carrying value.

GM also took a noncash charge of $731 million to increase its liability for estimated costs associated with Delphi's bankruptcy and restructuring. In addition, GM recorded $394 million in noncash tax-related valuation allowances related to deferred tax assets in Europe, and $324 million in charges for restructuring actions in North America and Europe.

"We continue to leverage our global product portfolio to take advantage of tremendous growth in key emerging markets, while at the same time taking the appropriate actions to deal with the challenging economic conditions in the U.S.," GM Chairman and CEO Rick Wagoner said in a press release Wednesday.

Adjusted automotive earnings before taxes were $392 million, up $161 million, despite the significant impact of the

American Axle

(AXL) - Get Report

strike and weak U.S. auto industry, GM said. The results were driven by combined earnings before taxes of $1 billion in GM Latin America, Africa and Middle East, GM Asia Pacific and GM Europe, which more than offset a loss at GM North America.

Worldwide, GM sold 2.25 million vehicles in the first quarter, down less than 1% from 2.27 million cars and trucks in the 2007 quarter. A record 64% of sales were outside the U.S. Unit sales outside GM North America were up 8%.

GM's results come less than a week after competitor

Ford

(F) - Get Report

posted a surprise first-quarter profit. In premarket trading, shares of GM, a component of the

Dow Jones Industrial Average

, were rising 4% to $22.05. Ford was inactive.

This article was written by a staff member of TheStreet.com.