Baker Hughes Swings To Q1 Loss On Lower Activity And Pricing Pressure

Quarterly revenues fell by about 20% year-over-year to $4.59 billion, while adjusted net losses stood at about $32 million, versus a profit of about $369 million during the same period a year ago. While oilfield services companies across the board have been hurt by lower activity levels and strained upstream capital budgets, the impact of the current downturn on Baker Hughes has been more pronounced, owing to its heavy exposure to the North American land drilling market and potentially due to ci...