Wrapping up the first three months in world history with oil at $100 a barrel and rising fast, Exxon Mobil on Thursday said first-quarter profit gushed 17% higher, but the petroleum giant fell short of its all-time record set last year.
Exxon Mobil (XOM) said profit rose to $10.89 billion, or $2.03 a share, from $6.8 billion, or $1.62 a share in the year-ago period. Analysts expected net income of $2.12 a share, on average, according to a survey by FactSet. Net income estimates ranged from $11.65 billion on the bullish side down to $10.79 billion on the low end.
The world's largest corporation by market cap fell $1 billion short of its all-time record of $11.7 billion from the fourth quarter of 2007.
Shares of Exxon Mobil fell $3.23, or 3.5%, to $89.84 in morning trades on the New York Stock Exchange.
Aww.
Exxon Mobil earnings rise 17%, but miss expectations
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Bob Juch
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Exxon Mobil earnings rise 17%, but miss expectations
I may not have gone where I intended to go, but I think I have ended up where I needed to be.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.
- Douglas Adams (1952 - 2001)
Si fractum non sit, noli id reficere.
Teach a child to be polite and courteous in the home and, when he grows up, he'll never be able to drive in New Jersey.