Exxon Misses Wall Street 2Q Forecasts

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IRVING (AP) - Exxon Mobil Corp. (XOM) on Friday reported second-quarter profit of $1.7 billion.

The Irving, Texas-based company said it had profit of 41 cents per share.

The results did not meet Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.

The oil and natural gas company posted revenue of $57.69 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $59.83 billion.

Exxon shares have risen 16 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent. The stock has risen slightly more than 9 percent in the last 12 months.

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