How did PTEN's revenue and expenses trend in Q3 2024 compared to previous quarters?

Patterson-UTI Energy (PTEN) showed a seasonal trend in its revenue and expenses, with a significant increase in revenue in Q3 2024 compared to the previous quarter, Q2 2024, but no corresponding increase in expenses.

1. Revenue Trend:
   • Q3 2024: PTEN's revenue was $4.22 billion.
   • Q2 2024: The revenue was $2.86 billion.
   • Q1 2024: The revenue was $1.51 billion.
   • Q4 2023: The revenue was $4.15 billion.

2. Expense Trend:
   • No specific data is available for expenses in Q3 2024.
   • However, the absence of expense data for Q3 2024 allows for a comparison of revenue and expense ratios between Q2 2024 and the other quarters.
   • Given that revenue increased from $2.86 billion in Q2 2024 to $4.22 billion in Q3 2024, and there was no corresponding increase in expenses, the expense ratio likely decreased, indicating improved profitability.

In conclusion, PTEN's revenue exhibited a strong seasonal uptick in Q3 2024, which may be indicative of increased operational activity or market conditions favorable to the company's services. The lack of increase in expenses suggests that the company's profitability may have improved during this period.