The company reported a strong first quarter result with improved earnings, revenues and profit margins.First quarter 2022 results:
- Revenue: US$45.3b (up 22% from 1Q 2021).
- Net income: US$20.5b (up 48% from 1Q 2021).
- Profit margin: 45% (up from 37% in 1Q 2021). The increase in margin was driven by higher revenue.
Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth.