Exxon Mobil (NYSE:XOM) earnings for the oil company’s second quarter of 2020 have XOM stock slipping lower on Friday. That’s due to its adjusted losses per share of 70 cents, which is below Wall Street’s estimate for a loss of 61 cents. The company’s revenue of $32.61 billion also couldn’t reach analysts’ estimate of $38.16 billion.
Here’s what else is worth mentioning from the most recent Exxon Mobil earnings report.
- Adjusted per-share losses are much worse than the company’s adjusted earnings per share of 61 cents from the same time last year.
- Revenue for the quarter comes in 52.8% lower than the $69.09 billion reported in Q2 2019.
- The Exxon Mobil earnings report also has net loss coming in at $1.17 billion.
- That’s a massive drop from the company’s net income of $3.39 billion reported during the same period of the year prior.
Darren Woods, chairman and CEO of Exxon Mobil, said the following about the current earnings results.
“The global pandemic and oversupply conditions significantly impacted our second quarter financial results with lower prices, margins, and sales volumes. We responded decisively by reducing near-term spending and continuing work to improve efficiency by leveraging recent reorganizations.”
Exxon Mobile doesn’t discuss guidance during the Q2 earnings report. That comes as no surprise with the novel coronavirus making markets unpredictable. Plenty of other companies are withholding outlooks during the pandemic.
XOM stock was down almost 1% as of Friday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.