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Illustration: Sarah Grillo/Axios

Big Oil's second-quarter financials are going to be a rough scene, but this morning brought a surprise when Equinor announced $350 million in adjusted earnings for the quarter.

Why it matters: The Norway-based multinational's profit was far below the $3.15 billion from the same period a year ago, but analysts had been expecting a loss, Reuters reports.

What they're saying: "Our financial results for the second quarter were impacted by very low realized oil and gas prices due to the COVID-19 pandemic, but also by a strong trading performance in volatile markets," CEO Eldar Sætre said in a statement.

Yes, but: The results "could prove to be an outlier in a quarter that’s set to be the most painful yet for the industry since the global pandemic destroyed demand earlier this year," Bloomberg reports.

What's next: Companies including Shell, BP, Exxon and Chevron will report second-quarter earnings over the next week and a half, and they will reflect the collapse in oil prices this year.

  • "Oil and gas majors are likely to report 'horrendous' second-quarter results over the next two weeks, energy analysts have told CNBC, with the three-month period through to the end of June widely expected to mark the 'low point' of 2020," CNBC reports.

Go deeper: Oil's coronavirus recovery is stuck in neutral

Go deeper

Ina Fried, author of Login
Oct 30, 2020 - Economy & Business

The pandemic isn't slowing tech

Illustration: Eniola Odetunde/Axios

Thursday's deluge of Big Tech earnings reports showed one thing pretty clearly: COVID-19 may be bad in all sorts of ways, but it's not slowing down the largest tech companies. If anything, it's helping some companies, like Amazon and Apple.

Yes, but: With the pandemic once again worsening in the U.S. and Europe, it's not clear how long the tech industry's winning streak can last.

Ina Fried, author of Login
Oct 29, 2020 - Technology

Apple sets September quarter sales record despite later iPhone launch

Apple CEO Tim Cook, speaking at the Apple 12 launch event in October. Photo: Apple

Apple on Thursday reported quarterly sales and earnings that narrowly exceeded analysts estimates as the iPhone maker continued to see strong demand amid the COVID-19 pandemic.

What they's saying: The company said response to new products, including the iPhone 12 has been "tremendously positive" but did not give a specific forecast for the current quarter.

Oct 29, 2020 - Technology

Facebook beats on earnings

Photo: Thomas Trutschel/Photothek via Getty Images

In earnings for the 2020 third quarter released Thursday, Facebook reported modest user growth but revenue increases that beat Wall Street expectations.

Why it matters: Facebook's business looks resilient and thriving despite — or maybe because of — the pandemic.