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%.
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Sources: thestreet.com, marketwatch.com