US earnings season UPDATE: 1Q earnings reported so far are +7.0% above expectations.
Source: Mike Zaccardi, BofA
The five $1+ trillion market cap companies that have reported Q1 earnings so far posted sales of more than $412 billion combined during the quarter.
All five beat both EPS and sales estimates. $AAPL $AMZN $GOOGL $META $MSFT Source: Bespoke
Apple's $AAPL iPhone revenue every Q1 since the smartphone was first introduced
Source: Evan
Amazon beats on top and bottom lines. Guidance is mixed.
Amazon reported better-than-expected earnings and revenue for the first quarter, driven by growth in advertising and cloud computing. The stock was volatile in extended trading. Amazon expects a continued jump in profitability for the second quarter but at a more measured pace. The company said operating income will be $10 billion to $14 billion, up from $7.7 billion a year earlier. $AMZN Amazon Q1 FY24: • Revenue +13% Y/Y to $143B ($0.7B beat). • Operating margin 11% (+7pp Y/Y). • FCF $50B TTM. • Earnings per share: 98 cents vs. 83 cents expected by LSEG AWS: • Revenue +17% Y/Y to $25.0B. • Operating margin 38% (+14pp Y/Y). Q2 FY24 Guidance: • Revenue ~$144-$149B ($150B expected), representing growth of 7% to 11%. Source: App Economy Insights
Halfway thru earnings season and buyback announcements are ticking up..
DB notes $85B announced last week. Source: DB
US earnings season update >>>
Double beats are being rewarded by less than the historical average while double misses are being punished by more than usual. Source: BofA
Projected Q1 earnings for the S&P 500 ex-Mag 7 (left-hand chart) vs. Projected Q1 earnings for the Mag 7...
Source: Bloomberg
72% EPS beat rate so far
6.6% EPS growth SPX ex-Fins & Energy Source: Mike Zaccardi, BofA
