Oil giant Saudi Aramco points to lower crude prices as profits plunge 38% in the 2nd quarter

• Saudi Aramco reported net income of $30.1 billion in the second quarter.
• That's down 38% from $48.4 billion seen in the same quarter last year.
• The company pointed to declining oil prices and industry trends as reason for the decline.

Saudi Aramco, the world's third largest company by market cap, reported $30.1 billion in net income for the second quarter, a 38% decline from previous year.

In a press release, the energy giant pointed to declining crude prices and industry trends. Despite the sharp drop, profits still beat the $29.3 billion expected by analysts surveyed by Bloomberg.