Baker Hughes net loss exceeds $ 10 billion

US, WASHINGTON (ORDO NEWS) — Baker Hughes a GE company on Wednesday reported a loss in the I quarter of $ 10.21 billion after reporting profit for the same period a year earlier, reports Associated Press.

Losses of the third largest US oilfield services company after Schlumberger and Halliburton in the I quarter per share were $ 15.64.

Baker Hughes adjusted for non-recurring costs of 11 cents per share.

The results exceeded the expectations of Wall Street analysts. The average rating of seven analysts surveyed by Zacks Investment Research was 9 cents per share.

During the reporting period, the oilfield services company received revenue of $ 5.43 billion, which did not meet the forecasts of Wall Street economists.

Four analysts polled by Zacks were expecting revenue of $ 5.64 billion.

Baker Hughes shares have fallen 50% since the start of the year. At the same time, over the past 12 months, the value of the company’s shares fell by 52%.


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