ExxonMobil tumbles after oil-market chaos drives first quarterly earnings loss since 1988 | Markets Insider

announced first-quarter earnings on Friday that slipped below analysts' breakeven forecasts and detailed the firm's hit from recent oil-price pressure.

The energy giant said the coronavirus' impact on oil demand prompted its first quarterly loss in 32 years and will remain a significant drag on performance. Revenue landed above analyst forecasts for the quarter.$56.2 billion, versus the $51.9 billion estimateRead more: Quant megafund AQR explains why investors should be more worried about prolonged slumps than virus-style crashes — and details a 3-part process for protecting against them

"COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins," CEO Darren Woods said in the report."Economic activity will return, and populations and standards of living will increase, which will in turn drive demand for our products and a recovery of the industry."slide to negative prices on April 20. WTI contracts for June delivery leaped 7.5% to $19.

The company cut 2020 spending by 30%, or roughly $10 billion, on April 7 to protect its balance sheet and quarterly dividend. Exxon plans to pay an 87 cent-per-share dividend in the second quarter, according to its Friday report.The company has three"buy" ratings, 18"hold" ratings, and seven"sell" ratings from analysts, according to Bloomberg data.

Ok

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Facebook adds $44 billion in market value after reporting earnings beat, increased usage amid coronavirus pandemic (FB) | Markets InsiderShares of Facebook added as much as $44 billion in market value after reporting earnings that beat analyst estimates. The social media company r... Not much of an achievement when people have literally nothing else to do. Everyone’s using their service because they’re at home, no surprise there.
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

Boeing jumps 6% after announcing dismal earnings and employee layoffs - Business InsiderThe airplane maker soared after its quarterly loss was narrower than expected, while revenue fell short. The government is going to put some money in their shares. Point. Everything that goes down, goes up.
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

Amazon Web Services generated over $10 billion in quarterly revenue - Business InsiderAmazon Web Services saw a slowdown in quarterly growth, although it still has a larger cloud market share than rivals Microsoft and Google Cloud.
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

How coronavirus is changing influencer marketing, creator industry - Business InsiderBusiness Insider spoke to influencer-marketing professionals across the industry to learn how they're adjusting during the coronavirus pandemic. This year I only want to be around the people that love me, not the people that pretend they do. Those who are infected with coronavirus, please inbox me. I need to know something about you.
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »

RBS Q1 earnings: Profits fall by 59 percent, bank sees further losses - Business InsiderRBS said it expects to take a hit of about $1 billion to stem potential losses from the coronavirus pandemic, as its first quarter profits fell 59%.
La source: BusinessInsider - 🏆 729. / 51 Lire la suite »