Why did Baker Hughes shares slide today? Costs, supply chain cut into earnings
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Oil services provider Baker Hughes (NASDAQ:BKR) plunged as much as 11% on Wednesday, nearly wiping out its YTD gain before settling for an 8.2% drubbing, after Q2 results fell well short of Wall Street expectations.
The company's Q2 net loss ballooned to $839M from a $68M loss recorded a year earlier, and revenues fell 2% Y/Y to $5.05B despite a 15% increase in its order book.
Rising overheads, supply chain issues and losses related to Russia took a big bite out of earnings in the quarter.
Baker Hughes (BKR) took a $365M impairment charge on its Russian operations after it was forced to suspend operations there following U.S.-imposed sanctions.
Rival Halliburton took a $344M charge related to Russia cut down its net income by more than half, but its Q2 adjusted earnings came in better than expected.