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July 19, 2019, 7:13 a.m. EDT

Schlumberger's stock swings higher after revenue beats expectations, profit matches

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By Tomi Kilgore

Shares of Schlumberger Ltd. /zigman2/quotes/201012972/composite SLB +1.32% swung to a premarket gain of 1.0% Friday, after the oil services company reported second-quarter revenue that beat expectations, while profit that matched. Before the results, the stock was down over 1% after the company said CEO Paal Kibsgaard will retire after 8 years in the role. Net income rose to $492 million, or 35 cents a share, from $430 million, or 31 cents a share in the year-ago period. Excluding non-recurring items, adjusted EPS fell to 35 cents from 43 cents, in line with the FactSet consensus. Revenue was little changed at $8.27 billion, but was above the FactSet consensus of $8.11 billion, as reservoir characterization, production and Cameron revenue topped expectations while drilling came up a bit shy. The stock has lost 14.9% over the past three months through Thursday, while the VanEck Vectors Oil Services ETF /zigman2/quotes/207596637/composite OIH -1.25% has tumbled 22.9% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -0.39% has gained 3.1%.

/zigman2/quotes/201012972/composite
US : U.S.: NYSE
$ 32.31
+0.42 +1.32%
Volume: 17.22M
Oct. 18, 2019 6:30p
P/E Ratio
N/A
Dividend Yield
6.19%
Market Cap
$44.69 billion
Rev. per Employee
$328,150
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/zigman2/quotes/207596637/composite
US : U.S.: NYSE Arca
$ 11.10
-0.14 -1.25%
Volume: 6.99M
Oct. 18, 2019 8:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
2,986.20
-11.75 -0.39%
Volume: 1.99B
Oct. 18, 2019 5:08p
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