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2023/08/09 / Erste Group Research

Technology sector with strong 2Q results


Rating Changes: Amazon.Com, Broadcom, Novo Nordisk, Ryanair, Vinci, Edwards Lifesciences

In the current reporting season for 2Q, there have been positive earnings surprises at 79% of companies in the USA so far. The highest share of positive earnings surprises was achieved by the technology sector (92%), as well as the consumer sector (cyclical and non-cyclical consumption, 88% each) and the healthcare sector (88%). Eight out of a total of eleven sectors achieved year-on-year profit increases. Due to profit declines in the energy, commodities and healthcare sectors, 2Q earnings are expected to decline by -5.2% (y/y).

In Europe, there were significantly fewer positive earnings surprises in the 2Q earnings season than in the US, with a share of 55%. Net profits are expected to fall by -4.8% (y/y) in Europe in 2Q and, unlike the US, will continue to decline for the next three consecutive quarters. We therefore expect the outperformance of US equities to continue over the medium term. After significant gains in the global stock market index since the beginning of the year, we expect the stock market to move sideways in August.

Amazon.Com: Revenue up +11.0% (y/y) in 2Q, AWS cloud expanded to include AI applications

Microsoft: Azure revenue +26% y/y, high profit increase
DHL Group: Online trade grows at below-average rate, global freight volumes shrink

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General information

AuthorErste Group Research
Date2023/08/09
Languageen
Product nameRecommendation List
Topic in focusEquities
Economy in focusGermany, 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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Erste Group related products

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Name  ISIN# Erste Group products
ABBCH00122217160
Abbott LaboratoriesUS00282410000
AbbVieUS00287Y10910
AdidasDE000A1EWWW034
AdobeUS00724F10120
Advanced Micro DevicesUS00790310780
AlibabaUS01609W10270
AllianzDE000840400533
AlphabetUS02079K30590
Amadeus IT GroupES01090670190
Amazon.ComUS02313510671
AmBevBRABEVACNOR10
AmgenUS03116210090
Anheuser Busch InbevBE09742932510
AppleUS03783310050
ASMLNL00102732150
AT&TUS00206R10230
Bank of America US06050510460
BASFDE000BASF11129
Bayer DE000BAY001735
BeiersdorfDE000520000026
BHP GroupGB00BH0P3Z910
BMWDE000519000337
BNP ParibasFR00001311040
Booking HoldingsUS09857L10890



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