Baker Hughes Shares Slump After Group Reports Q2 Loss

Shares in Baker Hughes (NASDAQ:BKR) tumbled by more than 10% on Wednesday

After the oilfield services provider reported a bigger second quarter loss,

hit by a one-off charge from the suspension of its Russian operations and supply chain inflation.

The company swung to a net loss of $839M in the three months ended on June 30,

wider than a loss of $68M during the same period last year. Revenue also fell by 2% versus the previous year,

Adjusted diluted earnings per share edged slightly higher on an annual basis to $0.11, missing expectations of $0.22.

Shares in Baker Hughes have fallen by more than 43% over the past year.