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Stock impact report

Schlumberger swings to large loss, misses revenue and cuts dividend by 75%; stock surges [MarketWatch]

SLB Limited Common Shares (SLB) 
Last slb limited common shares earnings: 4/17 06:50 am Check Earnings Report
US:NYSE Investor Relations: investorcenter.slb.com
Company Research Source: MarketWatch
Shares of Schlumberger Ltd. surged 6.8% in premarket trading Friday, after the oil services company swung to a large net loss in the first quarter, missed revenue expectations and cut its dividend, but reported an adjusted profit that beat forecasts. The net loss was $8.09 billion, or $5.32 a share, after net income of $509 million, or 30 cents a share, in the year-ago period. The results included a one-time $8.5 billion charge related to impairment of goodwill, intangible assets and other long-lived assets, as disruptions from the drop in oil prices and COVID-19 pandemic led to a "significant" decline in market valuation. Excluding non-recurring items, adjusted earnings per share came to 25 cents, above the FactSet consensus of 24 cents. Revenue fell 5% to $7.46 billion, missing the FactSet consensus of $7.53 billion, as beats in drilling and and production revenue were offset by misses in reservoir characterization and Cameron revenue. The company declared a quarterly dividend of 12 Show less Read more
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