NEW YORK (TheStreet) -- Seventy Seven Energy (SSE) shares are up 11.81% to $5.50 in trading on Tuesday after the diversified oil services company reported its first quarter financial results before the opening bell today.
The Oklahoma City-based company reported a first quarter net loss of 45 cents per share, 10 cents better than the 55 cents per share net loss analysts were expecting the company to report.
Revenue for the period fell nearly 16% year over year to $429.78 million from $509.7 million, as falling oil prices took their toll on the company's finances during the quarter. However, analysts on average were expecting the company to generate $396.09 million in revenue.
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