Schlumberger NV, now doing business as SLB, announced on Friday that its revenue in the first quarter of fiscal 2025 declined by 3% year-on-year to $8.49 billion, slightly missing expectations.
The company's net income dropped by 25% compared to the first quarter in 2024 to reach $797 million in the reported quarter, while its diluted earnings per share (EPS) decreased by 22% on an annual basis to stand at $0.58.
"It was a subdued start to the year as revenue declined 3% year on year. Higher activity in parts of the Middle East, North Africa, Argentina and offshore US, along with strong growth in our data center infrastructure solutions and digital businesses in North America, were more than offset by a sharper-than-expected slowdown in Mexico, a slow start to the year in Saudi Arabia and offshore Africa, and steep decline in Russia," CEO Olivier Le Peuch said.
SLB's shares fell by 1.92% at 6:54 am ET during premarket trading to sell for $34.26 apiece after the report's release.
