RPC Inc. (RES) shares plummeted 6.80% in after-hours trading on Thursday, despite the company reporting better-than-expected third-quarter results earlier in the day. The oilfield services provider's stock had initially surged 9.6% in pre-market trading following the earnings release but reversed course dramatically by the end of the regular session.

RPC reported Q3 revenue of $447.1 million, significantly beating the analyst estimate of $406.2 million. Adjusted earnings per share came in at $0.09, also surpassing the expected $0.07. The company's net income for the quarter was $13 million, with an adjusted net income of $18.4 million, both exceeding analyst projections.

However, the positive sentiment from the earnings beat was overshadowed by concerns about the company's outlook for the fourth quarter. RPC announced it is implementing further cost cuts to navigate Q4 headwinds, citing oil prices below $60 and anticipated year-end slowdowns. This cautious outlook appears to have spooked investors, leading to the sharp after-hours sell-off despite the strong Q3 performance.