The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker.Third quarter 2021 results:
- Revenue: US$23.3b (up 11% from 3Q 2020).
- Net income: US$3.67b (up 3.2% from 3Q 2020).
- Profit margin: 16% (down from 17% in 3Q 2020). The decrease in margin was driven by higher expenses.
Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth.