{"id":548150,"date":"2022-07-27T04:00:55","date_gmt":"2022-07-27T04:00:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/so-far-so-good-on-us-earnings-for-2q\/"},"modified":"2022-07-27T04:00:55","modified_gmt":"2022-07-27T04:00:55","slug":"so-far-so-good-on-us-earnings-for-2q","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/so-far-so-good-on-us-earnings-for-2q\/","title":{"rendered":"So far, so good on US earnings for 2Q"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>The first US tech earnings are in \u2014 and they\u2019re not as disappointing as expected:<\/strong> Microsoft and Google parent Alphabet were the first of the US tech giants to release their second-quarter earnings yesterday amid investor unease about how global economic headwinds are impacting revenues in the sector. <strong>Microsoft<\/strong> missed its revenue estimates but an uber-bullish full-year forecast was greeted with relief by investors, sending the company\u2019s share price up more than 6% in after-hours trading (<a href=\"https:\/\/www.microsoft.com\/en-us\/investor\/earnings\/fy-2022-q4\/press-release-webcast\">earnings release<\/a>). <strong>Alphabet<\/strong>, meanwhile, reported the slowest sales growth in two years and also missed expectations, but maintained strong revenues despite the headwinds (<a href=\"https:\/\/abc.xyz\/investor\/static\/pdf\/2022Q2_alphabet_earnings_release.pdf?cache=ed395cc\">earnings release, pdf<\/a>).<\/p>\n<p><strong>ALSO FROM 2Q 2022 EARNINGS SEASON:<\/strong><\/p>\n<ul>\n<li><strong>GM takes a tumble:<\/strong> Supply chain disruptions hit General Motors hard in 2Q, causing its net income to fall 40% y-o-y to USD 1.69 bn, lower than estimates. The company left its full-year outlook unchanged and said it would cut back on spending and hiring. (<a href=\"https:\/\/investor.gm.com\/news-releases\/news-release-details\/gm-reports-second-quarter-2022-results\">Earnings release<\/a>)<\/li>\n<li><strong>UBS misses earnings expectations:<\/strong> The global market sell-off in the second quarter caused the world\u2019s largest wealth manager to miss earnings estimates. The bank reported net income of USD 2.1 bn yesterday, compared with analyst estimates of USD 2.4 bn. The bank\u2019s share price fell almost 9.5% on the news. (<a href=\"https:\/\/secure.ubs.com\/minisites\/group-functions\/investor-relations\/quarterly-results\/2022\/2q22\/full-report\/2Q22_UBS_GROUP\/index.html\">Earnings release<\/a>)<\/li>\n<li><strong>McDonald's did better: <\/strong>The fast food chain\u2019s net income halved y-o-y to USD 1.19 bn but still beat estimates. (<a href=\"https:\/\/ent.news\/2022\/7\/Q2-2022-Earnings-Release.pdf\">Earnings release, pdf<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>9,350<\/p>\n<\/td>\n<td>\n<p>+1.2% (YTD: -21.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.89<\/p>\n<\/td>\n<td>\n<p>Sell 18.97<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.91<\/p>\n<\/td>\n<td>\n<p>Sell 18.97<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>11.25% deposit<\/p>\n<\/td>\n<td>\n<p>12.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,964<\/p>\n<\/td>\n<td>\n<p>+0.8% (YTD: +6.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>9,550<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +12.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,247<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +1.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>3,922<\/p>\n<\/td>\n<td>\n<p>-1.2% (YTD: -17.7%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,306<\/p>\n<\/td>\n<td>\n<p>0.0% (YTD: -1.1%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,575<\/p>\n<\/td>\n<td>\n<p>-0.8% (YTD: -16.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 104.63<\/p>\n<\/td>\n<td>\n<p>-0.5%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 8.99<\/p>\n<\/td>\n<td>\n<p>+3.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,735.70<\/p>\n<\/td>\n<td>\n<p>-0.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 20,950<\/p>\n<\/td>\n<td>\n<p>-4.9% (YTD: -54.5%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 rose 1.2% at yesterday\u2019s close<\/strong> on turnover of EGP 1.1 bn (25% above the 90-day average). Foreign investors were net sellers. The index is down 21.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Abu Dhabi Islamic Bank- Egypt (+4.8%), E-Finance (+4.8%) and EFG-Hermes (+4.3%).<\/p>\n<p><strong>In the red: <\/strong>Ibnsina Pharma (-2.4%), MM Group (-1.5%) and Eastern Company (-1.0%).<\/p>\n<p><strong>Asian markets are uniformly down in trading this morning<\/strong>, but futures suggest shares in Europe (save the CAC 40), the United States and Canada have a good shot at opening in positive territory later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The first US tech earnings are in \u2014 and they\u2019re not as disappointing as expected: Microsoft and Google parent Alphabet were the first of the US tech giants to release their second-quarter earnings yesterday amid investor unease about how global economic headwinds are impacting revenues in the sector. Microsoft missed its revenue estimates but an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[302,72,119,1143,462,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-548150","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-earnings","tag-enterpriseam","tag-financial-markets","tag-google","tag-microsoft","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"61e31ef1-65f9-4304-98ce-cacc874fe762","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[548125],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>So far, so good on US earnings for 2Q - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/07\/27\/so-far-so-good-on-us-earnings-for-2q\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"So far, so good on US earnings for 2Q\" \/>\n<meta property=\"og:description\" content=\"The first US tech earnings are in \u2014 and they\u2019re not as disappointing as expected: Microsoft and Google parent Alphabet were the first of the US tech giants to release their second-quarter earnings yesterday amid investor unease about how global economic headwinds are impacting revenues in the sector. 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Revenues jumped 47% y-o-y to EGP 170.2 mn in the April-June period. The results marked a \u201cstrong performance amidst what has been a challenging period, both\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548598,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/15\/gb-auto-shrugs-off-auto-sector-headwinds-to-post-31-bottom-line-growth\/","url_meta":{"origin":548150,"position":1},"title":"GB Auto shrugs off auto sector headwinds to post 31% bottom line growth","author":"enterpriseam admin","date":"15 August 2022","format":false,"excerpt":"GB Auto net income up 31% in 2Q despite market challenges: GB Auto shrugged off the multiple headwinds facing the Egyptian automotive sector in 2Q 2022, announcing yesterday that its bottom line grew by almost a third during the quarter thanks to strong consumer demand. The company posted a net\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/8\/251.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":563901,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/28\/this-morning-house-summer-recess-begins-3-year-travel-ban-for-saudi-citizens-traveling-to-egypt-russian-delegation-assesses-covid-19-situation-in-red-sea-us-tech-firms-smash-2q-earnings-estimates\/","url_meta":{"origin":548150,"position":2},"title":"THIS MORNING: House summer recess begins; 3-year travel ban for Saudi citizens traveling to Egypt; Russian delegation assesses covid-19 situation in Red Sea; US tech firms smash 2Q earnings estimates.","author":"enterpriseam admin","date":"28 July 2021","format":false,"excerpt":"MPs are packing their bags for Sahel: The House broke for summer recess yesterday, ending the first legislative session of the new parliament that started on 12 January, Masrawy reports. The Senate went on recess on 19 July. What does this mean for the rumored cabinet shuffle? The parliament could\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548488,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/08\/10\/mnhd-revenues-double-in-2q-2022\/","url_meta":{"origin":548150,"position":3},"title":"MNHD revenues double in 2Q 2022","author":"enterpriseam admin","date":"10 August 2022","format":false,"excerpt":"Madinet Nasr Housing and Development\u2019s (MNHD) revenues more than doubled in 2Q 2022 due to a rise in deliveries, it said in its earnings release (pdf) yesterday. The real estate company reported EGP 972.3 mn in revenues for the quarter, up from EGP 441.4 mn in the same period last\u2026","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":548184,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/28\/things-arent-getting-any-better-for-meta\/","url_meta":{"origin":548150,"position":4},"title":"Things aren\u2019t getting any better for Meta","author":"enterpriseam admin","date":"28 July 2022","format":false,"excerpt":"Facebook just killed the tech earnings optimism: Facebook parent Meta saw its first-ever quarterly decline in revenues in 2Q 2022 as economic headwinds and competition from other companies hit its ads business. The social media metaverse giant posted a larger-than-expected fall in revenues, failed to hit earnings estimates, and provided\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":639937,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/18\/ci-capital-e-finance-gb-corp-elsewedy-electric-report-earnings\/","url_meta":{"origin":548150,"position":5},"title":"CI Capital, E-finance, GB Corp, Elsewedy Electric report earnings","author":"enterpriseam admin","date":"18 August 2024","format":false,"excerpt":"CI Capital saw its net income more than double during the first half of the year","rel":"","context":"In &quot;EARNINGS WATCH&quot;","block_context":{"text":"EARNINGS WATCH","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/earnings-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1482.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548150","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=548150"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/548150\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/548125"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=548150"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=548150"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=548150"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=548150"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=548150"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}