UPDATE: Baker Hughes Q1 Profit Drops 30%

Baker Hughes (NYSE:

) reported a 30% drop in its first-quarter profit. Baker Hughes' quarterly net income from continuing operations declined to $267 million, or $0.60 per share, versus $379 million, or $0.86 per share, in the year-ago period. Its revenue dropped 2% to $5.23 billion. Baker Hughes shares closed at $44.60 yesterday.