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2023/11/24 / Erste Group Research

US Technology sector with high earnings growth


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In Europe, around half of the companies have reported their Q3 results so far. Turnover was higher than expected for only 47% of companies. The proportion of positive sales surprises was well below the long-term average. In terms of profits, 55% of companies have reported higher profits than expected. This was a slightly higher proportion than the long-term average. 3Q earnings growth was -11.0% (y/y), excluding energy it would have been +0.5% (y/y). 3Q sales fell by -8%. Positive sales and earnings growth is not expected until 2Q 2024.

The 3Q reporting season went very well in the US. 82% of companies reported higher earnings than the consensus estimates. Earnings growth for the 3Q is +4.3% (y/y). 3Q sales growth is +2.4% (y/y). Earnings growth expected for 4Q is +2.9% (y/y) and +6.5% (y/y) for 1Q 2024.

Novo Nordisk: Very strong increase in sales and profits due to weight loss injection

Bayer: Discontinuation of a clinical trial for a potentially very important drug successor has a negative impact
Siemens: Slowdown in growth and decline in operating margin in the last quarter

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General information

AuthorErste Group Research
Date2023/11/24
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Switzerland, United Kingdom, United States
Currency in focusBritish Pound, Euro, Swiss Franc, US Dollar
Sector in focusAutomobiles & Parts, Banks, Basic Resources, Chemicals, Construction & Material, Financial Services, Food & Beverage, Health Care, Industrial Goods & Services, Insurance, Media, Oil & Gas, Personal & Household Goods, Retail, Technology, Telecommunications, Travel & Leisure, Utilities
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