Exxon Mobil Corporation (NYSE:XOM) stock was down on Friday following an earnings miss for the first quarter of 2018.
Exxon Mobil Corporation’s earnings per share for the first quarter of the year came in at $1.09. This is an increase over its earnings per share of 95 cents from the same time last year. However, it was bad news for XOM stock by missing Wall Street’s earnings per share estimate of $1.13 for the quarter.
During the first quarter of 2018, Exxon Mobil Corporation reported net income of $4.65 billion. This is better than the oil and gas company’s net income of $4.01 billion that was reported in the first quarter of 2017.
Exxon Mobil Corporation notes that its U.S. upstream earnings for the first quarter of the year was $429 million. The company’s upstream losses in the U.S. from the same period of the year prior was $18 million.
Total upstream earnings report by Exxon Mobil Corporation for the first quarter of the year was
$3.50 billion. This is up from its total upstream earnings of $2.52 billion reported in the first quarter of the previous year.
Exxon Mobil Corporation’s revenue reported in the first quarter of 2018 was $68.21 billion. Revenue reported by the company in the first quarter of the prior year was $58.67 billion. Analysts were expecting XOM to report revenue of $63.60 billion for the first quarter of the year.
XOM stock was down 3% as of noon Friday and is down almost 5% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
