Exxon Mobil is taking heat for reporting “record profits” of $8.4 billion for the first quarter of 2006. This was up 7% from the same quarter last year.
While this is a record-breaking figure dollar-wise, the media is scarcely reporting that this profit was earned on gross revenue of $88.98 billion. That makes the net profits 9.4% of revenue. Is that an unreasonable profit level?