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US earnings season – some surprises

30/04/2022

Microsoft earnings were solid across all business segments. Global revenue growth is at 18% y/y while the gaming segment (Xbox) has a lower growth due to components constrained. Extended Chinese lockdowns could hurt PC and Xbox supplies according to Microsoft, so this is key risk for the company going forward. Amazon and Alphabet (Google) were the biggest disappointments in the market. Google is exposed to a widening operating loss of its cloud segment and YouTube Q1 at $6.9bn vs est. $7.4bn suggesting advertising activity is slowing down faster than expected. Visa earnings were better than expected as travel is rebounding.

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