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4/18, 1:02 PM (Source: TeleTrader)
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Schlumberger reports revenue of $7.88B in Q1, up 1% YoY

World's largest oilfield service company Schlumberger reported on Thursday that its revenue for the first quarter of 2019 amounted to $7.88 billion, 1% higher than the same period last year. The company's earnings per share were down 21% year on year, or $0.30 compared to $0.38. Meanwhile, Schlumberger's net income stood at $421 million, 20% lower than in the 2018 first quarter.

"First-quarter revenue of $7.9 billion declined 4% sequentially, reflecting the expected reduction in North America land activity and seasonally lower international activity in the Northern Hemisphere. In addition, reduced software, product, and multiclient seismic license sales following the fourth-quarter increase and lower Cameron long-cycle project deliveries contributed to the sequential decline," Schlumberger Chairman and CEO Paal Kibsgaard said.

Schlumberger's stock was down 0.22% in premarket trade following the publication of the report.

Breaking the News / MD