Schlumberger Limited (NYSE: SLB) said Thursday that its first-quarter profit dropped to $944 million, or 69 cents per share, from $672 million, or 56 cents per share, in the previous year. On an adjusted basis, the company earned 71 cents a share in the latest quarter. Revenue climbed to $8.72 billion from $5.6 billion. Analysts, on average, expected the company to report earnings of 77 cents per share on revenue of $8.70 billion.
Schlumberger Chairman and CEO Andrew Gould commented, "First-quarter results compounded the normal sequential drop in product, software and multiclient sales with exceptional weather conditions in the US and Australia and multiple activity disruptions from political unrest.
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