UPDATE 1-General Electric cuts dividend, splits loss-making power unit

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Oct 30 (Reuters) - General Electric Co slashed its quarterly dividend to just 1 cent per share and said it would split its power unit into two businesses as new Chief Executive Larry Culp took his first steps to revive the struggling conglomerate.

GE reported a $22.8 billion loss for the third quarter on Tuesday, largely due to a writedown in the value of its GE Power business. The power business also lost $631 million in the quarter, GE said.

"My priorities in my first 100 days are positioning our businesses to win, starting with Power, and accelerating deleveraging," Culp said in the results statement.

"We are moving with speed to improve our financial position, starting with the actions announced today. I look forward to updating you further on our progress in early 2019."

GE said it would separate its gas turbine and services business from other parts of the power business, a move that would effectively eliminate the Power headquarters structure.

GE did not cut its earnings forecast for the year, even though it had signaled such a change at the start of the month, and analysts had cut estimates for adjusted earnings to 88 cents a share, on average, according to Refinitiv data, compared with GE's range of $1.00 to $1.07.

A GE spokeswoman said the company was not sticking to the old targets, but was not providing new targets just yet.

GE shares were up about 0.8 percent at $11.25 in pre-market trading. (Reporting by Alwyn Scott in New York, Rachit Vats in Bengaluru; editing by Patrick Graham and Nick Zieminski)