Investors looked past the giant loss reported by General Motors ( GM) Wednesday and focused on its better-than-expected operating profit, revenue gains and improved outlook on lowering its bloated cost structure. The world's largest automaker reported a second-quarter loss of $3.2 billion, or $5.62 a share, due to heavy charges related to its restructuring efforts. Last year, GM posted a second-quarter loss of $987 million, or $1.75 a share. But excluding one-time charges totaling $4.33 billion, GM earned $1.2 billion, or $2.03 a share. That blew away Wall Street's forecast of an adjusted profit of 55 cents a share, according to analysts' average estimate reported by Thomson First Call. "Conventional wisdom is that you can't turn a ship as big as GM around quickly," GM said in a statement. "We aim to prove that conventional wisdom wrong." Shares of GM were recently up $1.47, or 4.8%, to $32.13. That jump added to GM's impressive return so far this year of 61%, which leads the Dow Jones Industrial Average. It also provides GM's embattled CEO, Richard Wagoner, with some ammunition he can use to counter critics who routinely discussed the prospect of bankruptcy for the automaker throughout last year. Most recently, investors have speculated that activist investor Kirk Kerkorian's public support of the idea for an alliance between GM, Renault and Nissan was an attempt to ultimately replace Wagoner with Carlos Ghosn, the popular CEO of the other two companies. Currently, GM is holding negotiations with Renault and Nissan about a potential deal, but the company declined to provide specifics on Wednesday about what form a partnership could take. "We're going to spend the next 90 days trying to understand the industrial logic behind the deal and what synergies might actually come from this," said GM Chief Financial Officer Frederick Henderson on a conference call with analysts. To watch Nat Worden's discussion with Farnoosh Torabi about GM's results, please click here .