General Motors Co (NYSE: GM) reported second-quarter FY21 revenue growth of 103% year-on-year, to $34.167 billion, beating the analyst consensus of $29.11 billion.

The company gained significant retail market share in the full-size pickup segment in the U.S. and benefited from strong pricing and mix.

Vehicle sales increased 19.8% Y/Y to 1,757,000. U.S. sales rose 40% Y/Y, and Asia-Pacific, the Middle East, and Africa gained 3.6%.

The total worldwide market share in Q2 was 8.0%, versus 9.1% last year. The market share in North America was 14.8%, Asia-Pacific Middle East and Africa recorded 7.7% and 9.8% in South America.

Operating expense shot up 73.9% Y/Y to $31.3 billion. The operating margin was 8.4%, and operating income for the quarter was $2.9 billion, versus an operating loss of $1.21 billion last year.

GM generate an automotive operating cash flow of $4.01 billion, while adjusted automotive free cash flow amounted to $2.48 billion and held $29.1 billion in cash and equivalents.

Adjusted EBIT was $4.12 billion, and EBIT-adjusted margin was 12%. Adjusted EPS of $1.97 beat the analyst consensus of $1.34.

GM Chair and CEO Mary Barra said they are creatively managing the complex and fluid global semiconductor shortage.

Outlook: General Motors raised FY21 adjusted EPS outlook to $5.40 - $6.40 from $4.50 - $5.25, versus the consensus of $6.42. It sees EPS of $5.12 - $6.12, versus the prior view of $4.28 - $5.03.

The company expects an adjusted EBIT of $11.5 billion - $13.5 billion, versus previous $10.0 billion - $11.0 billion.

Price action: GM shares are trading lower by 3.80% at $55.80 in premarket on the last check Wednesday.