Exxon Mobil, the world's largest company by revenue, said that its profits fell by nearly 60 percent year-over-year, due to a massive decrease in oil prices. The company said that first quarter earnings came to $4.6 billion, or 92 cents a share, down from $10.9 billion, or $2.02 a share, a year ago. Analysts polled by Thomson Reuters expected net income of 95 cents a share. Revenue fell 45 percent to $64 billion from $116.9 billion a year ago. Analysts had expected revenue of about $54 billion, Thomson Reuters said. Still, Exxon Mobil raised capital expenditures significantly, signaling that the company is awaiting a rebound.
