Second quarter 2022 results:
- EPS: US$2.77 (down from US$3.79 in 2Q 2021).
- Revenue: US$29.6b (down 9.6% from 2Q 2021).
- Net income: US$8.20b (down 29% from 2Q 2021).
- Profit margin: 28% (down from 35% in 2Q 2021).
Revenue missed analyst estimates by 3.5%. Earnings per share (EPS) also missed analyst estimates by 4.7%.
Over the next year, revenue is forecast to grow 9.6%, compared to a 13% growth forecast for the industry in the US.
Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has remained flat, which means it is significantly lagging earnings.