An array of flush‐mounted hot film probes has been used to measure the local shear stress reduction as a result of microbubble injection over an axisymmetric body at the four discrete, free‐stream speeds of 4.6, 10.7, 13.2, and 16.8 m/sec. Visualization of the bubble flow pattern supplement these results at intermediate free‐stream speeds. At speeds of 10.7 m/sec and above, a circumferential gradient in skin friction, with skin friction reduction larger at the top than at the bottom of the model occurs at some distance downstream of injection. For these speeds, the gradient is stronger at the lower speeds and higher gas injection conditions. Higher speeds tend to drive the axial location of the gradient farther from the injection location. At speeds below 10.7 m/sec, the flow is dominated by a double vortex structure that entrains the bubbles at the bottom and sides of the model and transports them to the top. At sufficiently high gas flow rates a cavity, large enough to be observed visually, is formed just upstream of the vortices, centered near the body midline. The axial position of the cavity is roughly independent of flow speed and gas flow conditions. The transport of bubbles by the vortices, to the top of the body, is the cause of the poor skin friction reduction performance of microbubble injection at low speeds on an axisymmetric shape. Integration of the current local skin friction results gives good agreement with earlier drag balance measurements. The persistence of the drag reduction phenomenon with axial distance as well as the statistics of the shear stress fluctuations are quite similar to what was observed earlier on flat plates.