What happened Shares of Baker Hughes (NASDAQ: BKR), a leader in services for the oil and gas industry, are tumbling 13.2% in morning trading Wednesday after the company reported missing top- and bottom-line estimates for the second quarter. Baker Hughes said its results were hurt by inflation, the ongoing supply chain crisis, and suspending operations in Russia following the country's invasion of Ukraine. So what Consumer energy demands are rapidly retreating as inflation that reached 9.1% in June, the highest recorded level in over 40 years, sapped spending power.