General electric Q2 2017 earnings

Daniel Acker | Bloomberg | Getty Images

An employee cleans pieces of a resin transfer mold at the GE Aviation manufacturing facility in Batesville, Mississippi.

General Electric shares gyrated Friday after the company reported earnings that beat Wall Street’s expectations but reported a 12 percent drop in revenue.

Here’s how the company did compared with what Wall Street expected, according to Thomson Reuters:

• EPS: 28 cents vs. 25 cents; down from 51 cents in last year’s second quarter.
• Revenue: $29.558 billion vs. $29.015 billion; down from $33.49 billion last year.

Shares of GE were up more than 1 percent in premarket immediately after the announcement, then fell slightly to trade little changed.

The drop in revenue came as weakness in its energy connections business offset strength in renewables and power units.

Earnings per share from continuing operations fell to 15 cents from 36 cents, the company said.

The earnings report came one month after GE announced that Chairman and CEO Jeff Immelt will be stepping down, a management shake-up that many people saw coming.

After the release on Friday, GE shareholder Jack DeGan told CNBC that GE’s new CEO will “lower the bar” as a starting point for GE’s future.

“Usually when a new CEO comes in, especially after a long standing previous CEO, they want to lower the bar because that’s where their starting point begins,” DeGan, chief investment officer at Harbor Advisory, said on “Squawk Box.”

—Reuters contributed to this report.