Faced with the realities of a poor global economy, GE Healthcare reported lower revenue and profit in the first quarter (end-March 31).
Revenue for the Chalfont St. Giles, U.K.-based vendor slipped 9% to $3.54 billion, compared with $3.88 billion in the first quarter of 2008. Profit declined 22% to $411 million in the first quarter, compared with $528 million in the same quarter a year ago.
In a written statement, Jeff Immelt, chairman and CEO of parent company General Electric of Stamford, CT, said the company is "aggressively managing our cost structure to respond to challenging global economic conditions."
He added that GE plans to reduce its costs by more than $5 billion in 2009, having already reduced its labor force in recent months.
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