Oilfield services and equipment major Baker Hughes saw a welcome rebound in its fourth quarter results, despite the dual challenges posed by the coronavirus pandemic and industry downturn, while it remains cautiously optimistic about prospects for this year.

The Houston-based company reported a net profit of $653 million in the three months to the end of December, compared to a $170 million loss in the prior quarter, while revenues hit $5.49 billion, up 9% sequentially.

Large full-year loss

In contrast, Baker Hughes' year-on-year figures make for grim reading, as revenues fell from $23.84