The shares of Baker Hughes Co. BKR,+1.13% fell 0.7% on Wednesday in premarket trade, despite the fact that the oil services firm beat expectations for second-quarter earnings, thanks to its strength in subsea pressure systems and surface pressure system business. The company also said that despite lower oil costs in the first half 2023, it is still “constructive’ on the outlook of upstream spending. This is because the softness in North America will be more than offset with strength in offshore and international markets. The company’s net income for the quarter ended June 30 increased to $410 million or 40 cents per share from $839 million or 84 cents per share in the previous period. The adjusted earnings per share, excluding nonrecurring items rose from 11 cents to 39 cents and surpassed the FactSet consensus figure of 33 cents. Orders rose by 27.5%, to $7.47billion, and revenue grew by 25.1%, to $6.32billion, exceeding the FactSet consensus. The stock is up 14.7% in the last three months, as of Tuesday. Meanwhile, the Energy Select Sector SPDR ETF XLE -1.01% lost 4.8%, and the S&P500 SPX -0.71% gained 9.6%.