Exxon Mobil Shares Fall Premarket After Company Posts Weaker-than-expected Revenue
Exxon Mobil Corp. shares slid 1.2% in premarket trade, after the company missed revenue estimates for the third quarter. Exxon said it had net income of $2.65 billion, or 63 cents a share, in the quarter. down from $4.24 billion, or $1.01 a share, in the year-earlier period. Revenue fell to $58.7 billion from $67.3 billion. The FactSet consensus was for EPS of 58 cents and revenue of $60.4 billion. Chief Executive Rex Tillerson said the operating environment remained challenging in the quarter. The oil giant cut capital and exploration spending by 45% to $4.2 billion. Shares are up 11.5% in the year so far, while the Dow Jones Industrial Average has gained 4%.
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