RPC Inc (NYSE: RES) saw its stock plummet 5.20% in pre-market trading on Thursday following the release of its second-quarter financial results, which fell short of analyst expectations. The oilfield services provider reported weaker-than-anticipated earnings and revenue, signaling challenges in the current market environment.

The company's Q2 adjusted earnings per share came in at $0.08, missing the analyst consensus estimate of $0.09 by 13.04%. This represents a significant 46.67% decrease from the $0.15 per share reported in the same period last year. Revenue for the quarter stood at $420.809 million, slightly below the analyst estimate of $421.075 million. Despite the miss, this figure still represents a 15.56% increase compared to the $364.153 million reported in the previous year.

RPC Inc attributed the underwhelming results primarily to challenges in its pressure pumping service line, citing weaker activity and pricing pressure. The company also noted that the oilfield services market remains challenged by lower commodity prices and macroeconomic uncertainties. While the acquisition of Pintail Completions added $98.9 million to Q2 revenue and boosted wireline revenues, it wasn't enough to offset the broader market headwinds. As the company navigates these challenges, it emphasized its focus on full cycle returns and the resilience provided by its diversified service lines and customer base.