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By Swissquote Analysts
Morning News

BNP Paribas Raises Targets, to Launch Buyback After Revenue Surges on Interest Income

BNP Paribas SA’s fourth-quarter profit fell but revenue rose on bumper net interest income, as it raised its targets to 2025 and said it would launch a 5 billion euro share buyback. The French bank, the largest in the eurozone by market capitalization, reported net profit of 2.15 billion euros ($2.31 billion) in the three months to December, down from EUR2.31 billion in the same period in 2021. Revenue rose 7.8% on year to EUR12.11 billion, driven by interest income that jumped 16%. The results were, however, slightly below expectations of net profit of EUR2.34 billion and revenue of EUR12.19 billion, according to analysts’ consensus provided by FactSet. At its Corporate & Institutional Banking arm, revenue increased 18%, with all three businesses areas growing by double digits. But commission income fell 5.9% to EUR2.75 billion.

By
Mathieu VILLARD
Morning News

TotalEnergies Sees Limited Exposure to Stakes in Ventures with Adani Group

TotalEnergies SE said that its exposure resulting from stakes in ventures with Adani Group is limited, as it accounts for 2.4% of its capital employed. The French energy giant said it undertook joint investments in India in partnership with Adani since 2018, and its current holdings include stakes of 37.4% and 19.75% in listed companies Adani Total Gas Ltd. and Adani Green Energy Ltd., as well as 50% stakes in each of Adani Total Private Ltd. and AGEL23. TotalEnergies said its exposure resulting from this stakes amounted to $3.1 billion as of Dec. 31 and $180 million of net operating income in 2022.

By
David VERELST
Morning News

Apple CEO Tim Cook Says Economic Challenges a Headwind

Apple Chief Executive Tim Cook said economic challenges contributed to the company's slowing sales in the December quarter, in addition to manufacturing issues stemming from Covid-related disruptions in China. The comments came after the iPhone maker announced its first quarterly revenue decline in nearly four years, with sales of $117.2 billion that missed analyst expectations. "We estimated that we would have grown on the iPhone absent the supply constraints," Mr. Cook said in an interview. "

By
David VERELST
Morning News

GSK 4Q Sales and Earnings Rose, Driven by Specialty Medicines, Vaccines

GSK PLC posted rising earnings and sales for the fourth quarter, which the company said were boosted by its specialty medicines and vaccines businesses. The British pharma major reported net profit of 1.50 billion pounds ($1.85 billion) in the fourth quarter, up from GBP749 million for the same quarter of 2021, on sales that grew to GBP7.33 billion from GBP7.08 billion. Operating profit increased to GBP1.87 billion from GBP492 million in the fourth quarter of 2021, reflecting fair-value gains on investments, milestone income from disposals and lower remeasurement charges for contingent consideration liabilities, GSK said. After-tax profit also increased, rising to GBP1.62 billion from GBP930 million the previous year.

By
Mathieu VILLARD
Morning News

Pfizer Expects Drop in Revenue as Vaccine Demand Wanes

Pfizer Inc. expects revenue to drop by as much as a third in 2023 as demand for Covid-19 products continues to slump. The New York-based drug company said that it is projecting revenue to be between $67 billion and $71 billion this year after jumping 23% to $100.3 billion in 2022. Stripping out Covid-19 products, Pfizer expects its 2023 top line to grow 7% to 9%. The company said revenue from Covid-19 products is slated to reach a low point this year due to a significant government stockpile on hand, and then rebound in 2024.

By
Mathieu VILLARD
Morning News

UBS Posts Surprise 4Q Rise in Profit After Wealth Management Grew Assets

UBS Group AG on Tuesday reported a surprise rise in fourth-quarter profit as its wealth-management arm attracted billions in new client money, despite difficult macroeconomic headwinds. The Swiss bank reported a net profit of $1.65 billion in the three months to the end of December, up from $1.35 billion for the same period a year earlier. Revenue was $8.03 billion compared with $8.71 billion in the fourth quarter of 2021. It meant the Zurich-based bank beat 4Q estimates of net profit of $1.28 billion and revenue at $7.98 billion, according to analysts’ consensus provided by the company.

By
Mathieu VILLARD
Morning News

Salesforce Names Three Directors, Braces for Proxy Fight

Salesforce Inc. has appointed three new directors, including the finance chief of Mastercard Inc., to its board as a potential proxy fight with activist investor Elliott Management Corp. looms. The business-software maker said that Mastercard CFO Sachin Mehra, ValueAct Capital Chief Executive Mason Morfit and Arnold Donald, the former president and chief executive of Carnival Corp., have been named independent directors, effective March 1.

By
Mathieu VILLARD
Morning News

STMicroelectronics Shares Jump on Better-Than-Expected Revenue Guidance

Shares of STMicroelectronics NV - a key Apple Inc. supplier - jumped in trading after the company posted better-than-expected results for the fourth quarter of 2022 and guided for revenue growth ahead of analysts’ forecasts for the current quarter and the full year. The European chip maker is targeting net revenue of $4.20 billion at the midpoint for the current quarter. Analysts at Jefferies wrote in a note to investors that the forecast is above consensus of $3.81 billion as well as their own $3.84 billion estimate.

By
David VERELST
Morning News

Boeing Reports Quarterly Earnings Fall, Plans to Increase Jet Production

Boeing Co. reported another quarterly loss but maintained plans to increase jet production and deliveries this year despite lingering supply-chain challenges. The company reported its fourth annual loss in a row as it wrestles with commercial-jet production costs that are higher than planned. Both Boeing and rival Airbus SE benefited from a rebound in aircraft orders last year as airlines recovered from the pandemic-driven travel downturn. The companies have struggled to boost production to match, citing shortages of jet engines and other components. Boeing’s fourth-quarter earnings and sales both fell short of analysts’ expectations.

By
Mathieu VILLARD
Morning News

Microsoft Earnings Fell Last Quarter Amid Economic Concerns

Microsoft Corp. recorded its slowest sales growth in more than six years last quarter as demand for its software and cloud services cooled on concerns about the health of the global economy. The Redmond, Wash., company’s revenue expanded 2% in the three months through Dec. 31 from a year earlier to $52.7 billion. Its net income fell 12% to $16.4 billion. That is the company’s lowest revenue growth since the quarter that ended in June 2016. “Organizations are exercising caution given the macroeconomic uncertainty,” Microsoft Chief Executive Satya Nadella said on an earnings call.

By
Mathieu VILLARD