UPDATE: Schlumberger Posts Upbeat Q4 Profit

Schlumberger

reported a 3.7% drop in its fourth-quarter earnings. Schlumberger's quarterly profit fell to $1.36 billion, or $1.02 per share, from $1.41 billion, or $1.05 per share, in the year-ago period. Excluding items, its earnings from continuing operations came in at $1.08 per share. Its revenue climbed 8.5% to $11.17 billion. However, analysts were expecting earnings of $1.07 per share on revenue of $10.82 billion. Its operating margin declined to 16.2% from 18.2%. Schlumberger shares closed at $73.37 yesterday.