Why ExxonMobil Stock Dropped on Earnings Friday
ExxonMobil (NYSE: XOM) stock slumped after reporting mixed Q1 earnings this morning. Analysts forecast the oil company would earn $2.06 per share for the quarter, and Exxon nailed that target. On the revenue front, Exxon's $83.1 billion in sales soared past Street expectations for $73.2 billion.
As of 12:15 p.m. ET, shares of the energy stock are down 2.8%. But if Exxon met on earnings and beat on sales, why is the stock down?
Well, not all of Exxon's news was great. Hurt by refining margins and weak natural gas prices, generally accepted accounting principles (GAAP) profits actually fell 28% year over year for the oil giant, and earnings per share were down 26% despite stock buybacks.
Source Fool.com
