Offshore oil services giant Schlumberger (SLB - Get Report) on Thursday reported first-quarter revenue and earnings that came in below year-earlier figures though matched analysts' forecasts.

Schlumberger's net income for the first quarter was $421 million, or 30 cents a share, vs. $525 million, or 38 cents a share, in the year-earlier period. The per-share earnings matched the average estimate of analysts polled by FactSet.

Revenue was $7.9 billion vs. $7.8 billion in the first three months of 2018. Revenue from the company's North American operations slipped to $2.7 billion from $2.8 billion a year ago. International revenue was $5 billion vs. $5.2 billion.

The company's lackluster quarterly earnings were a reflection of an "expected reduction in North America land activity and seasonally activity in the Northern Hemisphere," Schlumberger CEO Paal Kibsgaard said in a statement.

However, Kibsgaard also noted that the company expects oil market sentiment to improve this year, supported by a strong demand outlook, reduced OPEC and Russia supply, and slowing shale oil production growth in North America, among other factors.

Separately, the company's board  approved a quarterly cash dividend of 50 cents a a share.

Shares of Schlumberger fell 2% on Thursday to $46.48.

Schlumberger is a holding in Jim Cramer's Action Alerts PLUS Portfolio. Want to be alerted before Cramer buys or sells? Learn more now.