Exxon misses profit forecasts

IRVING, Texas: Exxon Mobil Corp. (XOM) on Friday reported second-quarter profit of $4.19 billion (Dh15.39 billion).

On a per-share basis, the Irving, Texas-based company said it had a net income of $1.

The results fell short of Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.

The oil and natural gas company posted revenue of $74.11 billion in the period.

Exxon shares have decreased 10 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed slightly more than 2 per cent. The stock has decreased 20 per cent in the last 12 months.

—AP