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19

US ExxonMobil Profits Rise But Shares Fall

US oil and gas giant Exxon Mobil Corp., the world's largest oil company

US oil and gas giant Exxon Mobil Corp., the world's largest oil company, on Thursday reported quarterly profit rose 7 percent to $8.4 billion, due to record crude oil prices.

It was the biggest profit ever posted by the company in the first quarter, but it still fell short of Wall Street forecasts.

Exxon Mobil shares fell 2.2 percent to $61.70 in pre-market trading on the Inet electronic brokerage system, down from a Wednesday close at $63.10 on the New York Stock Exchange.

Net income in the first quarter was $8.4 billion, or $1.37 a share, up from $7.86 billion, or $1.22 a share, a year earlier. Analysts' average forecast was $1.46 a share, according to Reuters Estimates.

Revenue jumped to $88.98 billion from $82.05 billion.