Jim Cramer: No Reason to Own Halliburton
Let's go over Halliburton's earnings.
The oilfield services giant reported a big drop in revenue and a $1 billion-plus impairment charge as it scrambles to adjust to a steep decline in energy demand.
Halliburton reported a loss of $1 billion, or $1.16 a share, for the first quarter, down from profit of $152 million, or 17 cents a share, during the same period a year ago.
Earnings, when nonrecurring items are eliminated, came in positive, at 31 cents a share, beating analysts' expectations. Despite a 12% drop to $5.04 billion, revenue also same in slightly above what analysts had predicted.
Halliburton, in a press statement, said it expects a "further decline in revenue and profitability, particularly in North America," for the rest of 2020.
Watch the full video above for more.
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