Why SLB Shares Are Sliding Today
Portfolio Pulse from Akanksha Bakshi
Schlumberger N.V. (NYSE:SLB) reported a Q2 FY23 revenue increase of 19.6% YoY to $8.10 billion, missing the consensus of $8.22 billion. Adjusted EPS increased 44% YoY to $0.72, beating the consensus of $0.71. The company also repurchased ~4.5 million shares at an average price of $47.33 per share for a total purchase price of $213 million. Despite these results, SLB shares are trading lower by 2.57% at $55.79 premarket on Friday.
July 21, 2023 | 1:07 pm
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Despite reporting a revenue increase and beating EPS consensus, Schlumberger's shares are trading lower. The company also repurchased shares, which could indicate confidence in its stock.
Schlumberger's shares are trading lower despite reporting a revenue increase and beating EPS consensus. This could be due to the revenue miss, which may have disappointed investors. Additionally, the company repurchased shares, which typically indicates confidence in the stock, but this has not prevented the share price from falling.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100