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7/20, 12:51 PM (Source: TeleTrader)
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Halliburton posts revenue at $3.2B in Q2, down 46%

Halliburton Company unveiled on Monday that its revenue for the second fiscal quarter plunged 46% annually to amount to $3.2 billion, missing market expectations. Meanwhile, the company's net loss was at $1.01 billion that translated to a net loss per diluted share of $1.91, dropping from a net income of $75 million recorded in the same trimester the year prior. Operating loss landed at $571 million in the same three-month period, marking a fall from $303 million operating profit recorded in the same trimester in 2019.

Cash flow from operating activities landed at $598 million in the second quarter, while free cash flow stood at $456 million

"Halliburton’s second quarter performance in a tough market shows we can execute quickly and aggressively to deliver solid financial results and free cash flow despite a severe drop in global activity. Our results demonstrate a significant and sustainable reset to the power of our business to generate positive earnings and free cash flow," Halliburton CEO Jeff Miller said in a statement.

The Oklahoma-based firm's shares were virtually unchanged in premarket trade following the announcement.

Breaking the News / GA