The earnings report of the first quarter of 2021 is one to watch out for to determine which companies are getting a break from the downside effect of COVID-19 on their businesses.
The first set of this report is here. Many of America’s top banks to the to chinese chip makers have or will give a report of what 2021 has been like so far.
Who else can cash-in big profit this first quarter if not chip manufacturers? The industry has been under a lot of pressure from companies around the world, with pressing demands from Phone makers like Apple, to EV manufacturers and many more.
While Intel Corporation, a global chip maker, has promised to spend $20 billion to build two new factories in the coming years, Taiwan Semiconductor Manufacturing Co Ltd, the world’s largest contract chipmaker, recorded a stunning $4.91 Billion in net profit between January-March 2021. And you probably contributed to that profit margin if you bought an iPhone recently, as most of the company’s chip demand came from Apple.
Now to the Big Banks.
Compared to last year, most banks are looking pretty good with their Q1 report beating every analyst’s expectation.
JPMorgan crushed analysts’ earning estimate of $3.08 a share as the company reported a profit of $4.50 a share with revenue of $33.12 billion, also exceeding consensus estimate by more than $2.5 billion.
Still on Wall Street big banks, Goldmans Sachs reported a $18.60 a share earnings result that basically destroyed the average analyst estimate of $10.22, while revenue of $17.7 billion was more than $5 billion above the $12.39 billion consensus from Wall Street.
Guess some good days are here for the banks, we expect to see some level of salary raise for bank CEOs during this period as most of them got a cut in 2020.
The third major bank with a report is Wells Fargo & Co. They also beat the Street’s consensus for earnings and revenue. Revenue of $18.05 billion outpaced expectations for $17.5 billion, and earnings per share of $1.05 topped the $0.69 average Wall Street estimate.
Three top banks now… we’ll bring you more updates on big banks by the end of the week, to include Citigroup Inc, Bank of America Corp and Morgan Stanley.
