Schlumberger NV, Now SLB, Faces a Subdued Start to Fiscal 2025

In a recent financial disclosure, SLB revealed a 3% year-on-year decline in its first-quarter revenue for fiscal 2025, totaling $8.49 billion. This figure slightly missed market expectations, marking a challenging start to the year for the global oilfield services giant.

Financial Performance Highlights

The company's net income saw a significant 25% drop compared to the same period in 2024, landing at $797 million. Similarly, diluted earnings per share (EPS) decreased by 22% annually, settling at $0.58.

CEO Olivier Le Peuch on the Quarterly Results

"The year began on a subdued note with a 3% revenue decline. Despite higher activity in regions like the Middle East, North Africa, Argentina, and offshore US, and robust growth in our data center infrastructure solutions and digital businesses in North America, these gains were overshadowed by a sharper-than-expected slowdown in Mexico, a sluggish start in Saudi Arabia and offshore Africa, and a steep decline in Russia," explained CEO Olivier Le Peuch.

Market Reaction

Following the report's release, SLB's shares experienced a 1.92% decline in premarket trading, dropping to $34.26 per share at 6:54 am ET.