General Motors reported its quarterly profit Wednseday, stressing the need for more cost cutting as profit margins declined.
GM's third-quarter profit fell 12 percent, largely due to higher marketing and engineering costs, reports the New York Times. However, USA Today reports third-quarter earnings for GM are down 15 percent.
Third-quarter profit came to $1.73 billion, or $1.03 a share, this year. The results compare to last year's third-quarter profit of $1.96 billion, or $1.20 a share, according to the New York Times.
The net profit for GM was down, even though total revenue in the quarter was up 7.6 percent to $36.7 billion, reports USA Today.
"Clearly, customers are seeing value in the vehicles we're putting into the marketplace," said Daniel Ammann, GM's chief financial advisor, in a conference call. "Our margins aren't where we want them to be, but we have a pretty clear road map, and we understand where the gaps are."
Globally, GM said fourth-quarter profits will be roughly the same as a year ago, according to the New York Times.