Stock Alert: Schlumberger Drops 5% As Earnings Miss Estimates

(RTTNews) - Shares of oilfield services company Schlumberger Limited (SLB) are down more than 5% Friday morning after the company's third-quarter revenue missed view.

Revenue for the quarter decreased 38% year-on-year to $5.258 billion. On average, 22 analysts polled by Thomson Reuters expected the company to report revenue of $5.38 billion.

Earnings on an adjusted basis for the third quarter were $0.16 per share compared with $0.43 per share last year. The consensus estimate was for $0.12 per share.

SLB stock is currently trading at $15.53. It has been trading in the range of $11.87- $41.14 in the last one year.