Traders Selling Exxon (XOM) Shares Amid Rare Earnings Miss

July 28, 2011 9:12 AM EDT
Shares of Exxon Mobil (NYSE: XOM) are down nearly 2 percent in pre-market trade Thursday following a rare earnings miss. Check out data from our Earnings History section for more data on this.

The world's largest company by market cap posted a second-quarter profit of $10.68 billion, up a very sharp 41 percent from the $7.56 billion reported during the same quarter last year. Net income was incrementally higher versus the $10.65 billion issued during the first quarter of 2011.

Earnings per share came in at $2.18, up 36 percent compared to the year-ago quarter, but worse than the $2.33 the Street was expecting.

Exxon said Upstream earnings totaled $8.541 billion, Downstream earnings were $1.356 billion, and earnings from the Chemical division were $1.321 billion.

The company saw net revenue of $125.49 billion, up more than 36 percent from the $92.49 billion reported last year. Exxon issued sales of $114 billion during the first quarter of this year. Analysts had been expecting sales of $121.4 billion.

Chairman Rex Tillerson said, "ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over $10 billion to develop new supplies of energy to meet growing world demand."

Thursday’s flub and the resulting decline in the stock price has Exxon’s market cap down a quick $9 billion.

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