Fourth consecutive quarter when Exxon reports a loss
Exxon posted mixed results for the most recent quarter. The company earned 3 cents per share, topping the 1 cent/share forecasted. But it fell short on the $48.76 billion revenue expected, as the figures came in at $46.54 billion. Overall, Exxon lost $20.1 billion, marking the fourth consecutive quarter when it ends in the red.
Compared to the same period a year earlier, Exxon had an EPS of 41 on revenues of $67.17 billion.
For the future, Exxon announced that it plans to invest $3 billion emissions-cutting technology and other carbon capture features. Its chairman and CEO, Darren Woods, stated that the figures result from aggressive cost-cutting measures, which are seen to deliver expense savings of $6 billion yearly by 2023.
Following the news, the company’s stock price went up 1.7%. Year-to-date, Exxon shares are up 9%. However, in the last year, they dropped 12%.
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