Jim Cramer: No Reason to Own Halliburton

Katherine Ross

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.

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