General Electric (NYSE: GE) saw its stock skid Friday to lowest its level in 19 months after the company saw a 12% drop in revenue from a year earlier.
It was GE's final quarterly earnings report before John Flannery replaces Jeff Immelt as CEO next month.
Share prices were down as much as 5% after GE's earnings statement, which exceeded Wall Street's expectations on profit and revenue for the second quarter. The shares fell to their lowest level since October 2015.
In the second quarter, Earnings per Share came in at 28 cents, as opposed to expectations of 25 cents. The EPS figure was also down from 51 cents in last year's second quarter.
Revenues were revealed to be $29.558 billion, against expectations of $29.015 billion, besides being off from $33.49 billion last year.
The weaker figure in yearly revenue came as weakness in GE's energy connections business offset strength in renewables and power units.
The energy connections business – and one of the early stocks on Wall Street, dating back to the day of founder Thomas Edison -- provides electrification and automation products to the oil and gas, mining, utility and marine industries.
GE’s net profit slumped 58% to $1.34 billion, or 15 cents a share, in the quarter ended June 30, from $3.30 billion, or 36 cents a share, a year earlier.
As the clock approached afternoon Friday, GE shares docked 90 cents, or 3.4%, to $25.79.
