Energy exploration company Exxon Mobil Corporation (NYSE: XOM) reported a sharp fall in fourth-quarter earnings as the pandemic continued to impact operations. However, earnings came in above analysts’ projection.
Net income attributable to Exxon Mobil was $0.03 per share in the December-quarter, on an adjusted basis, compared to $0.41 per share in the corresponding period of last year. On an unadjusted basis, the company reported a net loss of $20.1 billion or $4.70 per share, compared to a profit of $5.7 billion or $1.33 per share a year earlier. Analysts had forecast a smaller profit for the latest quarter.
The bottom-line was hurt by a 31% decline in revenues to $46.5 billion. The top-line also missed the market’s projection.
Exxon Mobil’s stock closed the last trading session higher and continued to gain on Tuesday morning following the earnings announcement.
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