Jeffrey R. Immelt, chairman and chief executive of General Electric leads a discussion in Los Angeles, California May 24, 2007. REUTERS/Fred Prouser

NEW YORK (Reuters) - Shares of General Electric GE.N fell sharply before the opening bell on Friday, extending earlier declines, after the industrial conglomerate reported an unexpected decline in quarterly earnings and lowered its profit outlook.

Shares of GE dropped 10.2 percent to $33 in pre-market trading.