Baker Hughes tightens net loss in first quarter

Oilfield services provider Baker Hughes narrowed its net loss for the first quarter of 2017 compared to the prior-year period while its revenues declined by 15 percent. 

Baker Hughes on Tuesday posted a net loss for the first quarter of 2017 of $129 million, compared to $417 million in the fourth quarter of 2016, and $981 million in the first quarter of 2016.

Revenues for the first quarter 2017 were $2.3 billion. Compared to the same quarter last year and revenues of $2.7 billion, Baker Hughes saw a 15% decline in this year’s first quarter. Sequentially, the company’s revenues dropped by 6%.

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