General Electric Co. is slashing its dividend from 12 cents, to a penny, and taking a $22 billion impairment charge for its power division, which is a crucial segment of its operations going forward.

The company swung to a third-quarter loss of $22.77 billion Tuesday, or $2.62 per share. Earnings, adjusted for one-time gains and costs, came to 14 cents per share, 7 cents short of Wall Street expectations, according to a survey by Zacks Investment Research.

The industrial conglomerate posted revenue of $29.57 billion in the period, a little short of projections.

GE shares have fallen 36 percent this year.

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Source: The Associated Press

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