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Actionable news in PBR: PETROLEO BRASILEIRO S.A.-PETROBRAS ADS (REP 1 COMMON SHARE),

Petrobras (PBR) Stock Slumps on Surprise Q1 Loss

NEW YORK (TheStreet) -- Petrobras (PBR - Get Report) stock is falling 4.35% to $7.03 in mid-morning trading on Friday after the Brazilian state-operated energy company delivered lower-than-anticipated financial results for the 2016 first quarter.

After yesterday's market close, the company reported a loss of 2 cents per share, below expectations for earnings of 11 cents per share and lower than earnings of 14 cents per share for the same period last year.

Revenue dropped 31% year over year to $17.99 billion for the first three months of the year, while analysts had estimated revenue of $22.43 billion.

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