Schlumberger Limited (NYSE: SLB) provided its earnings results for the quarter ended March 31, 2020 today.
Schlumberger slipped to a loss in the first quarter of 2020 from a profit last year due to a charge related to the impairment of goodwill, intangible assets, and other long-lived assets. This charge was driven by the significant decline in market valuations during March 2020.
The top-line dropped by 5% as the unprecedented global health and economic crisis sparked by the COVID-19 pandemic increasingly impacted industry activity during the quarter. The customer spending and drilling activity in North America declined as oil prices slipped early in the quarter before falling abruptly in March.