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What: Shares of oil and gas service provider Weatherford International Ltd (NYSE:WFT) jumped 11% today after reporting earnings.

So what: Revenue for the first quarter was down 6.3% from a year ago, to $3.6 billion, below estimates of $3.7 billion from Wall Street. The company also swung to a net loss of $41 million, but on an adjusted basis, earnings were $0.13 per share, $0.02 ahead of estimates.

Now what: This was really a case of results being "less bad" than expected. Slow drilling in the U.S. and Latin America are hurting service providers across the board, something that will continue well into 2014. With that said, I think the core service business is strong long-term, and as companies cut costs this year to maintain profits, there will be upside when demand returns.

Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.