UPDATE: Baker Hughes Reports Strong Surge In Q2 Profit

Baker Hughes Inc

reported a strong rise in its second-quarter net profit. Baker Hughes reported its quarterly net profit at $338 million, or $0.77 per share, up from $93 million, or $0.23 per share, in the year-ago period. Excluding items, the company's earnings came in at $0.93 per share. Its revenue gained 41% to $4.74 billion. Analysts were expecting earnings of $0.90 per share on revenue of $4.52 billion. Baker Hughes shares gained 0.50% to close at $79.90 on Friday.