BAKER HUGHES

(BAKER HUGHES)

Baker Hughes Posts Loss on $1.25B Charge

Industries Reuters

Oilfield services provider Baker Hughes, which is being acquired by larger rival Halliburton, reported a quarterly net loss, hurt by a $1.25 billion impairment charge.

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Net loss attributable to Baker Hughes was $1.03 billion, or $2.35 per share, in the three months ended Dec. 31, compared with a profit of $663 million, or $1.52 per share, a year earlier.

Baker Hughes' revenue nearly halved to $3.39 billion.

(Reporting by Swetha Gopinath in Bengaluru; Editing by Saumyadeb Chakrabarty)