Weatherford Posting Steep Loss On Weaker Than Expected Q3 Revenues

(RTTNews) - Shares of Weatherford International Ltd. (WFT) have moved sharply lower during trading on Monday, with oilfield services provider plunging by 10.6 percent. With the steep drop, Weatherford has fallen to its lowest intraday level in over twenty years.

The sell-off by Weatherford comes after the company reported a narrower than expected third quarter loss but on revenues that came in below analyst estimates.

Weatherford reported an adjusted third quarter loss of $0.10 per share compared to analyst estimates for a loss of $0.13 per share, while the company reported revenues of $1.44 billion versus expectations for $1.52 billion.