NEW YORK: ExxonMobil reported a nearly five-fold increase in quarterly earnings Friday due to the impact of the US tax reform, but the company’s share price fell sharply due to disappointing operational results.
Net income was $8.4 billion, up nearly 400 percent from the year-ago result, boosted by a one-time $5.9 billion gain from the revaluation of deferred taxes following US tax reform. Higher oil prices also lifted results.
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