Why Shares of Chevron Are Falling Today
Poised to end the week on a down note, shares of Chevron (NYSE: CVX) are falling today in response to the company's fourth-quarter 2022 earnings report. While there was a lot to celebrate, it seems investors are acutely focused on the lower-than-expected earnings.
As of 12:24 a.m. ET, shares of Chevron are down 5%.
Failing to meet bottom-line expectations, Chevron reported adjusted earnings per share of $4.09 for Q4 2022, lower than the analysts' estimate of $4.33. While the company disappointed on the bottom of the income statement, it exceeded expectations on the top line. Chevron reported Q4 2022 revenue of $56.5 billion, beating analysts' estimate of $52.7 billion.
Source Fool.com
