Oil services giant Schlumberger is buying $10 billion of itself

Oilfield services giant Schlumberger is buying back $10 billion of itself.

The company reported fourth-quarter earnings after the closing bell on Thursday, and it was a beat on the top line with a slight miss on revenues.

The company reported adjusted earnings per share of 65 cents, and revenues of $7.7 billion, down 9% year-on-year.

Wall Street had been expecting adjusted earnings per share of $0.63, versus estimates for $7.78 billion, according to Bloomberg.

Schlumberger is the first big oil company to report earnings for the fourth quarter, during which crude oil prices slid even lower.

Shares rose by as much as 2.5% in after-hours trading.

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