Net loss posted: Schlumberger shares in the red: Schlumberger with sales decline due to corona pandemic | message
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The group significantly reduced the loss compared to the previous year; after adjusting for special factors, there was a small profit. The Houston-based company announced a net loss of $ 82 million, or $ 0.06 per share, in the third quarter. In the same period last year, the loss due to massive write-downs was $ 11.4 billion or $ 8.22 per share. Depreciation was $ 12.69 billion.
Adjusted for special effects, however, earnings of $ 0.16 per share were achieved in the past quarter. According to Factset, analysts had expected an adjusted profit of $ 0.13 per title.
Revenue fell to $ 5.26 billion from $ 8.54 billion a year ago. Somewhat more was expected on the market at $ 5.4 billion.
The reasons given by the group are declining drilling activities in the USA, fewer drilling rigs internationally and production interruptions in Africa, the Middle East and Asia due to the pandemic.
Schlumberger shares listed on the NYSE were down 8.83 percent on Friday at $ 14.97.
By Matt Grossman
NEW YORK (Dow Jones)
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