Schlumberger Q4 revenue tops estimates at $5.53B

Friday, 22. January 2021 12:53

Schlumberger Limited released on Friday fourth-quarter financial results, saying that its revenue rose 5% compared to the previous quarter to reach $5.53 billion and therefore surpass market expectations. However, the company's revenue suffered a 33% loss on an annual basis.

On the other hand, net income achieved an increase on both quarterly and yearly level by rising to $374 million. Schlumberger successfully rebounded from the $82 million net loss experienced in the third quarter of 2019. Diluted earnings per share rose to $0.27 versus the $0.06 loss recorded in the previous trimester, and was also 12% higher compared to the same quarter of the previous year.

Commenting on the figures, Chief Executive Olivier Le Peuch said that the revenue was "driven by strong activity and solid execution both in North America and in the international markets. Despite seasonality, revenue grew sequentially in all four Divisions for the first time since the third quarter of 2019... Regarding the macro outlook, oil prices have risen, buoyed by the recent supply-led OPEC+ policy, the ongoing COVID-19 vaccine rollout, and multinational economic stimulus actions - driving optimism for an oil demand recovery throughout 2021."

Following the report, Schlumberger's stocks turned to gains by rising 1.65% to sell for $24.66 per share ahead of today's session in New York.

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