SLB reports revenue growth amid declining adjusted earnings

SLB reported a 6% year-over-year increase in third-quarter revenue, reaching $9.449 billion, though adjusted diluted earnings per share fell 7% to $0.64. The revenue growth includes the impact of the ChampionX acquisition, which contributed $956 million during the quarter. Excluding this acquisition, SLB’s revenue grew by 2% compared to the previous year.

Regional performance showed North American revenue rising 24% year-over-year to $2.401 billion. Revenue from the Middle East and Asia totaled $2.807 billion, representing a 9% increase from the second quarter but a 6% decrease from the same period last year. CEO Olivier Le Peuch noted sequential growth across all regions, attributed to North American land growth and international deepwater offshore activity.

Additionally, the company’s Data Center Solutions revenue grew 23% sequentially. Le Peuch linked this demand to digital infrastructure investments, stating that AI is driving unprecedented investment in data center infrastructure.