Shares of RPC Inc (NYSE: RES), a leading oilfield services provider, plummeted 7.10% in Thursday's trading session following the release of its disappointing second-quarter financial results. The company's earnings and revenue fell short of analyst expectations, highlighting ongoing challenges in the oilfield services sector.

RPC reported adjusted earnings per share of $0.08 for Q2, missing the consensus estimate of $0.09 and representing a significant 46.67% decrease from $0.15 per share in the same period last year. Revenue for the quarter came in at $420.809 million, slightly below the analyst estimate of $421.075 million, despite showing a 15.56% increase from the previous year.

The company attributed the underwhelming results primarily to weakness in its pressure pumping service line, citing reduced activity levels and pricing pressure. RPC's management noted that the broader oilfield services market remains challenged by lower commodity prices and macroeconomic uncertainties. Despite these headwinds, the acquisition of Pintail Completions contributed $98.9 million to Q2 revenue, helping to boost wireline revenues and expand the company's customer base. Looking ahead, RPC emphasized its focus on full-cycle returns as it navigates the challenging market conditions, but investors seem wary of the company's near-term prospects given the current industry landscape.