However, both adjusted earnings per share and revenue beat analysts' estimates.
The company cut full-year earnings outlook citing the impact of a U.S. labor strike.
The company expects the 2019 calendar-year impact of the strike to be about $2.00 per share.
The United Auto Workers at General Motors on Friday ended a six-week strike against the company after union members approved a four-year contract.
The GM's new deal gives workers 3% wage increases or 4% lump sum payments in each of the four years of the contract.
It has retained health care coverage for the workers.
GM's regular employees will receive an $11,000 signing bonus, and its temporary employees will get $4,500.
GM said today that it is on track to realize its 2019 cost savings target, but revised its year-end 2020 cost savings target to $4.0 billion to $4.5 billion to reflect the company's decision to invest in its Detroit-Hamtramck plant to build an all-electric pickup truck.
Looking ahead for 2019, the company now expects earnings per share to be in the range of $4.28 to $4.69.
The company lowered its annual adjusted earnings per share guidance to a range of $4.50 to $4.80 from the prior outlook of $6.50 to $7.00 per share.
Analysts expect annual earnings of $5.62 per share.
GM expects full-year capital expenditures to be lower than originally projected, about $7.5 billion, due to actions taken to accelerate the achievement of its Capex target.
The company reported that its net income attributable to common stockholders for the third-quarter decreased 7.6 percent to $2.31 billion from last year's $2.50 billion, with earnings per share declining to $1.60 from $1.75 in the prior year.
The net strike impact to the third quarter GMNA EBIT adjusted was $1.0 billion including $0.3 billion of favorable timing items, or $0.52 per share.
Adjusted earnings were $2.49 billion or $1.72 per share, compared to $2.68 billion or $1.87 per share in the previous year.
Analysts polled by Thomson Reuters expected the company to report earnings of $1.31 per share for the quarter.
Analysts' estimates typically exclude special items.
Quarterly revenue decreased to $35.47 billion from $35.79 billion last year.