The lockdowns stemming from China’s zero-Covid strategy have worsened General Electric’s supply chain challenges, prompting the US industrial conglomerate to caution on Tuesday that its full-year results would come in at the low end of its previous expectations.
Shares in GE fell 10 per cent to $80.71 in morning trading in New York after chief executive Larry Culp detailed a series of “macro headwinds” putting pressure on revenues, as the 130-year-old group prepares to split into three smaller companies.
GE blamed “significant supply chain constraints” for lower output in its commercial aircraft engines business and for weaker revenue growth in its healthcare division, where shutdowns in some regions of China were also affecting demand.
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