Energy exploration company Exxon Mobil Corporation (NYSE: XOM) reported a net loss for the third quarter of 2020 as revenues were impacted by the pandemic-induced disruption. However, the results came in above analysts’ projection.
Net loss attributable to ExxonMobil was $0.18 per share in the September-quarter, on an adjusted basis, compared to earnings of $0.68 per share in the corresponding period of last year. Unadjusted net loss was $680 million or $0.15 per share, compared to a profit of $3.17 billion or $0.75 per share a year earlier. Analysts had forecast a wider loss for the latest quarter.
The bottom-line was hurt by a 29% decline in revenues to $46.2 billion. The top-line came in above the market’s projection.
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Exxon Mobil’s stock closed the last trading session higher but slipping into the negative territory on Friday morning, following the earnings announcement.
