GE Power’s profits plummeted -58% in Q2 2018 compared to the same period a year ago. A -26% decline in orders for its products and a -19% plunge in its revenues were some of the “big blows” to GE Power in Q2.
The total profit of GE dropped – 30% year-over-year in Q2. The Power segment occupies the largest slice in the conglomerate's revenues.
Nevertheless, GE's revenues managed to grow at +3%, on the back of solidly positive revenue growth in its Oil & Gas and Aviation segments.
GE, which is in the process of shedding off some of its businesses and cutting costs, plans to lay off 12,000 workers at GE Power, as announced late last year.