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Schlumberger (SLB) Stock Down on Profit Decline, Job Cuts

NEW YORK (TheStreet) -- Shares of Schlumberger (SLB - Get Report) are lower by 0.35% to $80.06 at the start of trading on Friday morning, after the company announced a decline in profit for the 2016 first quarter and that it has laid off another 2,000 employees.

After the market close on Thursday, the oil related services company reported a 38% year over year decline in its earnings per share to 40 cents, while revenue dropped by 36% to $6.5 billion for the most recent quarter.

Analysts surveyed by Thomson Reuters had forecast for earnings of 39 cents per share and revenue of $6.51 billion.

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"During the first quarter of 2016, the decline in global activity and the rate of activity disruption reached unprecedented levels as the industry displayed clear signs of operating in a full-scale cash crisis. Budgeted E&P...