UPDATE: Schlumberger Q2 Profit Up 4.8%

Schlumberger Ltd

reported a 4.8% rise in its second-quarter net income. Schlumberger's quarterly profit surged to $1.4 billion, or $1.05 per share, versus $1.34 billion, or $0.98 per share, in the year-ago quarter. Its earnings from continuing operations came in at $1.05 per share. Schlumberger's revenue increased to $10.49 billion from $8.99 billion. However, analysts were expecting a profit of $1 per share on revenue of $10.47 billion. Schlumberger shares closed at $68.64 yesterday.