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Halliburton 's Q1 Profit Lower than Expected

The oil field services company Halliburton said on Tuesday that its Q1 profit would fall below Wall Street estimates

The US oilfield services company Halliburton said on Tuesday that its Q1 profit would fall below Wall Street estimates because of decreased drilling in parts of North America, sending its shares down sharply.

Halliburton estimated first-quarter earnings, excluding items, of about 49 cents to 54 cents a share. Analysts, on average, had expected profit of 59 cents a share, according to Reuters Estimates.

The company’s shares fell $1.90, or 6 percent, to $30.50.