(August 2, 2012) DETROIT — General Motors reported today that net profit fell sharply in the second quarter, as widening losses in Europe partially offset "solid" earnings in North America.

Net income attributable to common stockholders for the April-June period dropped 41 percent to $1.49 billion. Revenue dipped 4 percent to $37.61 billion, largely due to the stronger U.S. dollar. North American pretax profit fell 13 percent from the year-earlier period to $1.97 billion.

GM said it lost $361 million in Europe during the quarter, after posting a rare profit of $102 million there a year earlier. GM's losses in Europe for the first half of the year totaled $617 million, vs. $747 million for all of 2011.

In South America, GM also posted a slight loss, of $19 million, after turning a $57 million profit a year earlier.

“Our results in North America, our International Operations and at GM Financial were solid, but we clearly have more work to do to offset the headwinds we face, especially in regions like Europe and South America,” said GM chairman and CEO Dan Akerson. “Despite the challenging environment, GM has now achieved 10 consecutive quarters of profitability, which is a milestone the company has not achieved in more than a decade.”

Sources: General Motors, Automotive News