Baker Hughes Company (BKR) saw its stock plummet 5.24% in pre-market trading on Wednesday following the release of its first-quarter 2025 earnings report. The oilfield services giant delivered mixed results, with earnings surpassing expectations but revenues falling short of analyst estimates.

The company reported adjusted earnings of 51 cents per share, beating the Zacks Consensus Estimate of 47 cents and improving from 43 cents in the year-ago quarter. However, total quarterly revenues of $6,427 million missed the Zacks Consensus Estimate of $6,512 million, despite a slight increase from $6,418 million in the same period last year.

While Baker Hughes saw improvements in its Industrial & Energy Technology (IET) segment, with revenues up 11% year-over-year to $2,928 million, its Oilfield Services and Equipment (OFSE) unit experienced an 8% decline in revenues to $3,499 million. The company's free cash flow also decreased to $454 million from $502 million a year ago. These factors, combined with the revenue miss, appear to have disappointed investors, leading to the significant pre-market drop in share price.