This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEI6J0IF_L.jpg
The company’s shares fell about 4.5% to $26.95 in premarket trading.
“Our second-quarter results were mixed as each product company navigated a different set of challenges ranging from component shortages and supply chain inflation to the suspension of our Russian operations” Lorenzo Simonelli, chief executive officer of Baker Hughes, said in a statement.
Oilfield services companies are grappling with higher prices for drilling materials, fracking sand, labor shortage and other inflationary pressures.
Baker Hughes posted a net loss of $839 million, or 84 cents per share, in the three months ended June 30, compared to a loss of $68 million, or 8 cents per share, a year ago.
Its adjusted net income rose to $114 million, or 11 cents per share, from $83 million, or 10 cents per share.
