Shares of Goodyear Tire & Rubber Co. fell more than 10 percent on Friday as the company’s third-quarter net income and revenue dropped on lower tire sales in Europe.
The company’s results fell short of Wall Street’s expectations as problems in Europe offset cost cuts and profits in North America. Its executives said additional cuts are coming because of economic uncertainty. Profits in North America are being offset by falling earnings in Europe. The same problem almost certainly will surface when General Motors Co. and Ford Motor Co. report earnings next week.
News Tribune news services
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