The loss translated into $1.28 a share, compared with a profit of $950 million, or $1.68 a share, in the period a year earlier. The swing was attributed to a drastically slowing vehicle market and big losses at its finance arm, the General Motors Acceptance Corporation.

Fourth-quarter revenue was $47.1 billion, down from $50.8 billion in 2006, because the company has since sold 51 percent of G.M.A.C. and now only counts revenue from its remaining stake. Automotive revenue was $46.7 billion in the quarter, up $3 billion from a year ago.

Excluding what G.M. said were one-time items, profit was $46 million, or 8 cents a share, compared with an adjusted profit of $180 million, or 32 cents a share, in the period a year earlier.

“Clearly, G.M. isn’t standing idle,” Peter Nesvold, an analyst with Bear Stearns, wrote to clients Tuesday. “However, we believe something’s happening that continues to erode G.M.’s earnings power faster than the restructurings can offset.”

For all of 2007, G.M. lost $38.7 billion, the biggest loss ever for an automaker. The loss, equal to $68.45 a share, is about the same amount as a noncash charge of $38.3 billion that the company took in the third quarter to write down deferred tax assets, meaning that G.M. almost broke even otherwise after losing $2 billion in 2006. Excluding special items, the company lost $23 million, or 4 cents a share.

Shares of the company were up in morning trading Tuesday on the New York Stock Exchange before turning lower. Shortly before the close, they were trading at $26.54, down about 2 percent on the day.

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