GM to add labs to Pontiac, Mich., plant

General Motors will add to its engine and transmission development headquarters in Pontiac, Mich., with hopes of getting new technology into cars and trucks much faster. The automaker on Wednesday said it would spend $200 million to add new labs, allowing it to consolidate work from four other facilities to speed development of engines and transmissions.

Time cutting 6% of workforce

Time Inc., the magazine unit of Time Warner Inc., says it is cutting 6 percent of its global staff of 8,000, or about 500 people. The cuts will affect domestic and international workers. Time Warner is expected to release its fourth-quarter earnings next Wednesday. In recent years, Time Inc. has been a drag on corporate-level results.

Facebook profit hits $64 million

Facebook delivered fourth-quarter results above Wall Street's expectations Wednesday and said its mobile ad revenue -- a closely watched figure -- is growing. Facebook's stock increased 16 cents to $31.40 in after-hours trading after briefly dipping lower just after the release of the results. Facebook Inc., the world's largest social media company, earned $64 million, or 3 cents per share, in the October-December period. That's down from $360 million, or 14 cents per share, a year earlier when it was still a privately held company. Revenue rose 40 percent to $1.59 billion from $1.13 billion. Excluding special items, Facebook earned 17 cents a share in the quarter.

BlackBerry underwhelms investors

The long-awaited debut of new BlackBerry smartphones is turning out to be a letdown on Wall Street. The stock of BlackBerry maker Research in Motion Ltd., which is changing its name to BlackBerry, began to sink almost as soon as company CEO Thorsten Heins began to show off the redesigned smartphones, the Z10 and Q10. RIM's stock closed at $13.86, down $1.85. The Z10 won't go on sale in the U.S. until March.

Chrysler turns $1.66 billion profit

Chrysler said Wednesday its profit in 2012 was $1.66 billion -- about nine times as much as the $183 million it earned in 2011. In the fourth quarter, Chrysler earned $378 million, up 68 percent from $225 million in the same period in 2011.

Boeing's numbers top estimates

Boeing reported a fourth-quarter profit Wednesday that topped analysts' estimates and said it does not expect problems with batteries on its new 787 Dreamliner to significantly hurt earnings in 2013. Quarterly net income was $978 million, or $1.28 a share, down 30 percent from $1.39 billion a year earlier. For 2012, Boeing earned $3.9 billion, or $5.11 a share, on revenue of $81.7 billion.