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New York, NY, United States (AHN) – General Motors reported better than expected earnings in the third quarter on Wednesday, but CEO Dan Akerson said the quarter “isn’t good enough,” a signal that more cost cutting lies ahead.

GM, the U.S.’s largest automaker, earned $1.7 billion, or $1.03 a share in the third quarter, down from $2 billion earned in the last full period before its initial public offering.

While better than analysts’ estimates of 96 cents a share, Akerson said in the company’s earning statement Wednesday “Solid isn’t good enough, even in a tough global economy.”

The company did not give specific guidance on net income in the fourth quarter or lay out any specific measures to improve margins.

The lack of fourth quarter guidance, and the sinking Dow, helped send shares of GM down almost 8 percent shortly before noon.

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