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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
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