Energy giant ExxonMobil Corporation (NYSE: XOM) on Friday announced financial results for the fourth quarter of 2023, reporting a sharp fall in net profit and revenues. Earnings, meanwhile, beat estimates.
Total revenues and other income declined to $84.34 billion in the December quarter from $95.43 billion in the same period of 2022. Analysts were looking for a higher amount for the latest quarter.
Net income attributable to ExxonMobil was $7.63 billion, or $1.91 per share in Q4, which is sharply lower than the $12.75 billion or $3.09/share profit reported in the prior-year period. Adjusted earnings dropped 27% annually to $2.48 per share, but came in above analysts’ forecast.