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Published on .

General Motors Corp.'s crippling labor strikes caused its second-quarter earnings to plummet 81%. GM reported last week it earned $389 million during the period vs. $2.1 billion a year ago.

During the latest quarter, GM spent $1 billion to buy back more than 14 million shares of common stock and temporarily halted the buyback to conserve cash during the strikes.

In the U.S., GM delivered 1.4 million vehicles, translating to a 31.5% market share at the end of the second quarter, up 1 percentage point from a year ago.

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