– Energy Giant Schlumberger Fires Another 8,000 As “Market Conditions Worsened” In Q2:
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The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
– Schlumberger Fires 10,000 As It Announces A $10 Billion Stock Buyback:
When your organic growth is over, your revenue just missed consensus expectations once again ($7.74Bn vs $7.77BN expected), your stock is trading near 4 years lows and and you are stuck in the imploding energy sector, what do you do? Why you announce a $10 billion stock buyback, but since you will have to fund it with more debt (whose cost in recent weeks has soared) you have to get rid of “overhead.” How do you do that? Simple: you announce you are firing 10,000 workers.
Read moreSchlumberger Fires 10,000 As It Announces A $10 Billion Stock Buyback