Schlumberger profit plunges 82% but beats estimates, to cut 9K employees
Jan 15 2015, 17:19 ET | About: Schlumberger Limited (SLB) | By: Carl Surran, SA News Editor Contact this editor with comments or a news tip
Schlumberger (NYSE:SLB) +0.6% AH after reporting Q4 earnings fell 82% Y/Y as it wrote down $1.7B in assets, but adjusted earnings beat Wall Street estimates.SLB says it plans to cut 9,000 employees, or ~7.5% of its workforce around the globe, and recorded a related $296M charge.Q4 results were driven by growth in North America, where revenue rose 16% to a record $16.15B; international revenue rose 4% to $32.1B, as strength in the Middle East and Asia was partially offset by a significant decline in revenue from Russia.Expects 2015 capex of ~$3B, down from $4B last year.SLB reported earlier that it raised its dividend 25% to $0.50/share.