Schlumberger posts revenue bump, but lower profit in 4Q

Oilfield services provider Schlumberger recorded a 38% drop in its fourth quarter 2019 profit and an increase in revenues when compared to the same period in 2018.

According to Schlumberger’s 4Q 2019 report on Friday, the company’s fourth-quarter revenue of $8.23 billion decreased 4% sequentially, but increased 1% year-on-year when the company’s revenues were $8.18 billion.

The company’s full-year worldwide revenue of $32.9 billion was flat year-on-year, with international revenue growth of 7%.

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