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%.
Users/readers should not rely solely on the information presented herewith and should do their own research/analysis by also reading the actual underlying research. The content herewith is generic and does not take into consideration individual personal circumstances, investment experience or current financial situation.
Key Way Markets Ltd shall not accept any responsibility for any losses of traders due to the use and the content of the information presented herein. Past performance is not a reliable indicator of future results.