: Schlumberger stock falls after profit tops expectations but revenue comes up a bit short

Shares of Schlumberger Ltd. SLB shed 1.2% in premarket trading Friday, after the oil driller reported second-quarter profit that topped expectations but revenue that came up a bit short. Net income rose to $1.03 billion, or 72 cents a share, from $959 million, or 67 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of 72 cents topped the FactSet consensus of 71 cents. Revenue grew 19.6% to $8.099 billion but missed the FactSet consensus of $8.204 billion, amid growth of 20% or more in international markets while North America revenue rose 14%. “We continue to see positive upstream investment momentum in the international and offshore markets,” said Chief Executive Olivier Le Peuch. “These markets are being driven by resilient long-cycle offshore developments, production capacity expansions, the return of global exploration and appraisal, and the recognition of gas as a critical fuel source for energy security and the energy transition.” The stock has rallied 15.0% over the past three months through Thursday while the S&P 500 SPX has gained 9.7%.

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