Schlumberger’s revenue missed expectations

By: Miguel A. Rodriguez

16:12, 16 October 2020

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The EPS came in better-than-expected

One of the world's largest oil-field services companies, Schlumberger, posted its Q3 financial report.

Schlumberger's net loss came in at $82 million from a previous $11.38 billion. The EPS came in higher than the $0.12 expected, at $0.16. However, the EPS is lower than the last year's $0.42.

The revenue dropped 38% to $5.26 billion, missing the $5.40 billion forecasted.

At a production level, the revenue figures came in at $1.80 billion, 43% lower than the previous figures. Drilling revenues missed the $1.67 billion, coming in at $1.52 billion.

For the future, the company forecasts the momentum to continue for the US, while for Canada, the expectations are average.

The company’s stock price fell 1.3% after the report. Year-to-date, Schlumberger stock price lost 59.2%, while USA500 went up 7.8%.

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Sources: marketwatch.com, benzinga.com

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