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Schlumberger (SLB - Get Report)  reported third-quarter adjusted earnings of 43 cents a share on revenue of $8.54 billion, beating analysts' estimates as international growth offset weakness in North America.

Analysts surveyed by FactSet expected the oilfield services company to post third-quarter earnings of 40 cents a share on sales of $8.5 billion.

The reported loss in the quarter of $11.38 billion, or $8.22 a share, included a $12.7 billion pretax charge "almost entirely noncash and primarily relates to goodwill, intangible assets, and fixed assets," Schlumberger said.

The company said international revenue of $5.6 billion rose 8% from a year earlier and 3% sequentially. North America revenue of $2.8 billion declined 11% from the same period in 2018.

"This quarter's results reflected a macro environment of slowing production growth rate in North America land as operators maintained capital discipline, reducing drilling and frac activity," said Schlumberger CEO Olivier Le Peuch, in a statement. "Our year-to-date high single-digit international revenue growth continues to be underpinned by international investment levels. Market uncertainty, however, is weighing on future oil demand outlook in a climate where trade concerns are seen as challenging global economic growth."

"As a reminder, Olivier Le Peuch took over as CEO during the quarter, replacing Paal Kibsgaard as of August 1st. As always when Schlumberger reports, we want to remind members that while the numbers are always important as they relate directly to the company's performance in the quarter, commentary about their energy outlook and the investment cycle can be equally important," said Jim Cramer and the Action Alerts PLUS team, which holds Schlumberger in its portfolio. "Although trusting them has gotten far tougher over the years due to several failed calls for a bottoming in the market, we believe the company to still have unique insights into the state of the market and trends regarding future investment flows and will look to give Le Peuch the opportunity to regain our trust when it comes to forecasting future conditions."

The stock was rising 2.1% to $32.56 in trading Friday.