Schlumberger reports 2Q loss
THE HAGUE, Netherlands (AP) — Schlumberger NV (SLB) on Friday reported a loss of $74 million in its second quarter.
The The Hague, Netherlands-based company said it had a loss of 5 cents per share. Earnings, adjusted for non-recurring costs and costs related to mergers and acquisitions, were 35 cents per share.
The results topped Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The world’s largest oilfield services company posted revenue of $7.46 billion in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $7.26 billion.
Schlumberger shares have declined 20 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 10 percent. The stock has dropped 17 percent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on SLB at https://www.zacks.com/ap/SLB
Keywords: Schlumberger, Earnings Report