The company reported a soft first quarter result with weaker earnings and profit margins, although revenues improved.First quarter 2022 results:
- Revenue: US$20.3b (up 5.3% from 1Q 2021).
- Net income: US$4.11b (down 2.4% from 1Q 2021).
- Profit margin: 20% (down from 22% in 1Q 2021). The decrease in margin was driven by higher expenses.
Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.