Sorry Thomas Edison, It Could Be Lights Out for GE's Consumer Lighting Division
After reporting lower than expected quarterly profits and slashing its earnings outlook for 2017, General Electric's (GE) - Get Report light bulb might be starting to burn out. After over 100 years of lighting darkened doorsteps, GE's consumer lighting division could be among the $20 billion in assets that are sold or spun off as CEO John Flannery works to consolidate the aging company. In a recent earnings call with investors, Flannery said "everything is on the table, and there have been no sacred cows." "Each GE business is being measured against a set of rigorous strategic and financial objectives," Flannery said.
When Thomas Edison began the company, nothing quite screamed innovation like the light bulb, but in an age dominated by self-driving car initiatives and artificial intelligence, lighting up a dark room is simply commonplace. Is it time to flip the switch and focus on the future?
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This article was written by a staff member of TheStreet.
