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2023/05/03 / Erste Group Research

Q1 results so far well above expectations


Rating changes: Deutsche Boerse

At the midpoint of the Q1 reporting season, U.S. companies are posting their best results versus expectations since 4Q 2021, with both the number of companies reporting positive earnings surprises (79%) and the magnitude of those earnings surprises above their 10-year average. Nonetheless, the second consecutive quarter of year-on-year profit declines so far comes in at an adjusted -3.7% y/y.

In Europe, 41% of companies in the STOXX 600 index have released Q1 earnings data so far (131 of the 318 companies releasing data per quarter). Of these, 70.2% reported results that exceeded expectations. In an average quarter, 53% beat earnings estimates. Overall, earnings growth in Europe is +2% y/y so far, led by strong results in the financial and technology sectors.

JPMorgan Chase: Strong earnings growth in 1Q, net interest income almost doubled

Amazon.com: Profitable cloud business, retail posts losses, overall return to profitability
Microsoft: total revenue up +7% (y/y) to USD 53 bn, strong growth in cloud revenue (+22% y/y)

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General information

AuthorErste Group Research
Date2023/05/03
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusEurozone, Germany, Japan, 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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