General Motors reports earnings of $4.7B in 2010, first yearly profit since 2004

General Motors has officially announced its results for the first full fiscal year after its emergence from bankruptcy announced. The automaker has 135.6 billion U.S. dollars in revenue with a net profit of 4.7 billion U.S. dollars, the GM's first profit since 2004 marks. In addition, the result was the largest for the General since 1999. GM had previously troubled to 100 billion U.S. dollars in losses.

As black in the good news for the automaker 50,000 workers may be expected hourly bonuses received by an average of $ 4,300 as part of a profit sharing program.

According to CNN Money, the change is mainly due to three things: strong sales in the U.S., a growing automotive market in China and significantly lower cost structure due to the automaker trip through bankruptcy.

GM shares have crept up in the news, despite the fact that the stock market as a whole has fallen by five percent on blooming oil prices. CNN Money reported that GM shares are up five percent as a whole since its IPO in November last year, but that these shares have a 50 percent to go directly to taxpayers, the government investment in the company to recoup. Follow the jump for the press release.