Shares of oilfield services provider Baker Hughes Company (BKR) are falling more than 10% Wednesday morning after reporting second-quarter results, that missed analysts’ view.
The company’s net loss in the second quarter widened to $839 million or $0.84 per share from 68 million or $0.08 per share loss in the same quarter a year ago.
Excluding one-time items, the company reported earnings of $0.11 per share, that missed the average estimate analysts polled by Thomson Reuters of $0.22 per share.
Revenue for the quarter declined to $5.047 billion from $5.142 billion a year ago. The consensus estimate stood at $5.34 billion.
Looking forward, Lorenzo Simonelli, Baker Hughes chairman and chief executive officer commented that the demand outlook for the next 12 to 18 months is deteriorating.
BKR is at $25.36 currently. It has traded in the range of $19.23-$39.78 in the past 52 weeks.
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