GM Reports $1 Billion in Profits for 1st Quarter

Things have to be going pretty well when profits fall sharply, but you still make $1 billion.

GM reported Thursday that its profits fell 69 percent to $1 billion for the first quarter, according to the Wall Street Journal.  The drop was essentially attributed to revenues last year generated from asset sales.

The earnings outpaced expectations on Wall Street. The company is showing strength in its North America operations, but is battling losses in Europe where it's trying to restructure.

"Europe remains a work in progress," GM Chief Executive Dan Akerson said in a statement. "We'll continue to work on both revenue and cost opportunities until we have brought GM to competitive levels of profitability."