General Motors Corp., the world’s largest automaker, reported a second-quarter loss because of a $3.7 billion charge to eliminate 34,400 jobs. GM’s profit from operations exceeded analysts’ estimates, sending shares to a 10- month high.

The results boost Chief Executive Officer Rick Wagoner’s turnaround efforts and may ease pressure to accept a tie-up with Nissan Motor Co. and Renault SA proposed by billionaire investor Kirk Kerkorian. Revenue rose 12 percent to a record $54.4 billion.

“This does give GM a little more ammunition in any alliance talks to show that that they don’t necessarily need outside help,” said Peter Nesvold, an analyst with Bear Stearns & Co. in New York.

The net loss widened to $3.2 billion, or $5.62 a share, from $987 million, or $1.75, a year earlier, GM said in a statement today. The company earned $1.2 billion on its primary business of making and financing automobiles. Excluding one-time expenses, global auto operations had their first profit since 2004.

So… GM’s operations turned a profit. $1.2 billion. But they spent $3.7 billion on those job buyouts we told you about months ago.

How can anyone legitimately talk about a company “profit” when it’s easy to see they lost at least $2.5 billion. The article actually reports that they lost $3.2 billion.

People are actually happy about this?

Why don’t we wait and see if those “one time expenses” were really all that significant. Okay?

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