Schlumberger Limited, doing business as SLB, announced on Friday that its revenue in the second quarter of the fiscal year 2023 observed an annual rise of 20% to come in at $8.1 billion, failing expectations. The oil equipment company's net income grew by 8% compared to the same trimester the year before to reach $1.03 billion. Meanwhile, its diluted earnings per share (EPS) went up by 7% year-on-year to hit $0.72 per share.
"Our focus on the quality of our revenue continues to drive margins, and during the second quarter, we received numerous multiyear contract awards. This is bolstering our outlook for long-term growth that will outlast near-term commodity price volatility, and it is reinforcing our belief in the breadth, resilience, and durability of the upcycle," SLB Chief Executive Officer (CEO) Olivier Le Peuch commented.
Following the release of the report, SLB's shares declined by 1.24% in premarket trading.