Schlumberger's Write-Downs, Layoffs Indicate Tough Year Ahead

While the turmoil in the oil markets didn't reflect on the company's adjusted quarterly earnings, given the contract driven nature of the services industry, the company took significant one-time charges relating to write-downs in assets values and noted that it would be cutting about 9,000 jobs on the back of lower anticipated exploration and production spending. The company's quarterly revenues grew by 6% year-over-year to $12.64 billion, while adjusted-operating income grew 9% to $1.94 billion...