Royal Dutch Shell Q3 adjusted profit drops 32% to USD4.5 billion

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Investing.com - " Multinational oil and gas company, Royal Dutch Shell reported worse-than-expected third quarter earnings on Thursday, sending its shares down sharply in London.

Earlier in the day, in its third quarter earnings report, Shell said adjusted profit totaled USD4.5 billion, down 32% from the same period a year earlier and significantly below expectations for profit of USD5.3 billion.

The company said net income dropped to USD4.7 billion from USD7.1 billion.

Output dropped 2% to 2.931 million barrels of oil equivalent a day.

Immediately after the earnings announcement, Shell shares tumbled 4.9% in London.

Meanwhile, European stock markets remained lower. London's FTSE 100 fell 0.4%, the EURO STOXX 50 declined 0.2%, France's CAC 40 dipped 0.3%, while Germany's DAX inched down 0.25%.

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