Including excise, value-added and similar taxes, the firm clocked sales and other operating revenues of $54.3 billion, down from last year's $59 billion, mainly due to lower prices for crude oil. Also, total revenues and other income slid to $56.82 billion, from the prior year's $60.705 billion. Analysts estimated revenues of $67.73 billion for the quarter.
Follow this simple formula at Wall Street:
As said, profit drops we go up
profit higher we go up up
Bad economy news we go up up up
"dropped" vs. one year ago but rose vs. analyst expectations...it's the expectations comparison that seems to matter most...and the expectations were adjusted in early april by the pre-earnings announcement...the drop occurred then...the rise occurs now