Schlumberger beats profit expectations in Q3

The world's largest oilfield services provider Schlumberger has reported quarterly earnings which beat expectations.

The Houston-based firm followed rival Halliburton in reporting an improved performance following a rise in crude oil prices after hitting a 12-year low in February.

Schlumberger reported profit of 25 cents per share for the third quarter, compared to a Bloomberg estimate of 22 cents. The company also said the North American sales climbed 14% in the period.

The company had to cut costs of over $6bn over the past two years, including the lay off of 50,000 employees during the plunge in value of the oil.

"We maintain that a broad-based V-shaped recovery is unlikely given the fragile financial state of the industry, although we do see activity upside in 2017 in North America land, the Middle East and Russia markets," said chief executive officer Paal Kibsgaard.

Schlumberger has risen 19% this year in New York, and was up 0.8% in after-hours trading.