With expectations at high levels, the improved revenue and earnings of Halliburton Company (NYSE:HAL) weren't enough to satisfy investors, who sold the stock off after the released quarterly report.
Revenue for the third quarter soared 30 percent to $4.67 billion, up from the $3.59 in the same quarter last year. Net profit grew to $544 million, over double last years' numbers. That equaled 60 cents a share, in contrast to $262 million, or 29 cents a share last year.
Over half the revenue for Halliburton was generated in North America even with the Gulf oil crisis, amounting to $2.4 billion.
Outside of the United States and Canada, results were disappointing, with slow growth in Latin America and the Middle-East-Asia regions, and decline of growth in former Soviet nations, Europe and Africa.
Shale gas fields led the way in North America, helping the company generate record revenue in the quarter.
Interestingly, Halliburton is moving toward more gas production in a depressed natural gas price market, generating strong revenues, while gas companies have been expanding into the oil market for the same reasons: lower margins and prices.
Halliburton plunged to $33.82, losing $2.00, or 5.58 percent at 2:11 PM EDT.
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