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It turns out that there is much more oil hidden away under the earth's surface than most people imagined back in the 1970s.Even Exxon says it has learned one crucial lesson from earlier forecasting mistakes: it greatly underestimated the power of technology.
Earlier forecasting models were based on simple empirical data correlations, but the availability of a large amount of information has resulted in development of complex air pollution simulations for forecasting (Telenta et al. 1995).
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Its earlier forecast was $3.80 to $4 a share.
It had earlier forecast growth of 2%.
It had earlier forecast modest sales growth.
Earlier forecasts had been for negligible job growth.
Revenue was $50 million to $52 million, missing an earlier forecast of $63 million to $73 million.
It had earlier forecast 1.26 billion units for the year.
That is down from an earlier forecast of $353 million to $374 million.
PC shipments increased 25percentt, meeting the company's earlier forecast.
That is off from an earlier forecast of $13.8 billion to $14.8 billion, and 7 percent below revenue a year ago.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com