Shares of Exxon Mobil (NYSE:XOM) plunged more than 4% on Friday after the oil giant posted a first quarterly loss in years amid the collapse in oil prices. Fundamental analysis: Significant impact on near-term demand Excluding a $2.9 billion charge, Exxon reported a non-GAAP earnings of $0.53 cents per share compared to the FactSet consensus of $0.01 cents per share. A net loss of $610 million was reported compared to a $2.35 billion profit in the same period a year ago. “COVID-19 has significantly impacted near-term demand, resulting in oversupplied markets and unprecedented pressure on commodity prices and margins,” CEO
The post Exxon stock price plunges despite earnings beat appeared first on Invezz.
