SLB Stock Jumps 7% After Earnings — Offshore Drilling Does the Heavy Lifting
TLDR
- SLB rose 7.2% to $50.60 Friday after beating Q2 earnings and revenue expectations
- Adjusted EPS came in at 55 cents, above the 51-cent Wall Street estimate
- Revenue grew 5% to $8.97 billion, topping forecasts of $8.67 billion
- Offshore drilling in Latin America, Europe, Africa and Asia offset Middle East weakness
- SLB’s data-center business is on track to exceed $1 billion in annualized revenue run rate by year-end
SLB stock jumped 7.2% to $50.60 on Friday, landing near the top of the S&P 500, after the oilfield services company posted better-than-expected second-quarter results.
The stock had already gained 23% year-to-date heading into Friday’s session.
Adjusted earnings came in at 55 cents per share, ahead of the Wall Street consensus of 51 cents. On a reported basis, profit was 52 cents per share, or $786 million — down from 74 cents and $1.01 billion in the same quarter last year.
Revenue rose 5% year-over-year to $8.97 billion, beating analyst expectations of $8.67 billion.
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