Everything fell short of expectations for Halliburton.
As we entered the earnings season, another company released its Q2 financial report. One of the world's largest oil field service companies, the 101 year-old Halliburton, surprised the market.
The company reported a $1.68 billion net loss, or $1.91/share, compared to $75 million last year. Its revenue fell short off the $3.31 billion consensus to $3.20 billion. This quarter's income is 46% lower than last year's. The adjusted EPS was at 5 cents. The production revenue dropped by 56% to $1.67 billion, missing the $1.70 billion consensus.
Another revenue that came in lower is the one from drilling and evaluation. The figures are below the $1.62 billion expected, at $1.52 billion – 56% lower than the previous figures.
According to the company's statement, the results came from a decrease in drilling-related services and pumping activity.
During today's pre-market trading, the stock price fell by 2.5%. This year, the stock price fell 46.6%, while USA500 lost 0.2%.
Sources: thestreet.com, marketwatch.com
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