Why Schlumberger Stock Slumped on Friday
A promise to continue returning billions of dollars to shareholders couldn't make up for a lackluster first quarter from (NYSE: SLB) on Friday. After the company unveiled those results, investors generally traded out of the stock and left it with a nearly 2% loss on the day. Meanwhile, the S 500 index landed in positive territory with a 0.6% increase.
Both revenue and profitability declined for Schlumberger on a year-over-year basis during the quarter. The former metric slid by 3% to $8.49 billion for the oilfield services company, while non-GAAP (adjusted) net income saw a 9% tumble to $988 million ($0.72 in per-share terms).
Compounding the downward trajectory of those line items, neither quite met their consensus analyst estimate. Prognosticators covering Schlumberger were collectively projecting $8.64 billion for revenue, and adjusted net income of $0.74 per share.
Source Fool.com
Schlumberger Ltd. Stock
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