Baker Hughes Stock Is Significantly Crashing Today After Announcing Q3 Results

Today, Baker Hughes stock enormously plummeted by 7% after the Third Quarter 2021 Results announcement. Earlier, the worth peaked at $27.61, then remained for three days at that price with a market cap of 21 billion dollars. However, for the 3rd quarter, the revenue was decreased by 1% by composing $5,093 million. Orders totaled $5.4 billion in 2021, up 6% sequentially and 5% year over year.
GAAP operating income was $378 million in the quarter, a higher 95% compared to the same period last year, and is a positive indicator. The company’s adjusted operating income equaled $402 million, increasing 21% year over year and 72% sequentially. The quarter’s adjusted EBITDA of $664 million was up 9% sequentially and grew 21% year-over-year. In addition, cash flows from operating activities totaled almost $416 million. At the time of writing, the company’s stock significantly deteriorated already to $24.80.