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Exxon stock dips after quarterly profits miss expectations

ExxonMobil shares dipped Friday morning after the oil giant reported first-quarter revenue and profits that missed analysts' expectations, CNBC reports.

By the numbers: Revenue came in at $63.63 billion against the $64.82 billion that had been forecast, while earnings were at 55 cents per share against an expected 69 cents per share. Those profits were down nearly 50% from its 2018 Q1 profits.

Why it matters, from Axios' Ben Geman: Exxon is the largest U.S.-based multinational giant, and it's been stuck trying to pull itself out of what has been a difficult performance stretch in recent years.

Go deeper: ExxonMobil makes a huge add to its oil reserves