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Morning Call: USD, SEK in focus
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10 September 2018 at 7:49 GMT
2:47
The week ahead in macro
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10 September 2018 at 7:37 GMT
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Video / 13 July 2015 at 7:00 GMT

Earnings Season: JP Morgan, Google and GE banking on profits

Mads Koefoed
Earnings Season really gets under way this week with more than 70 large multi-nationals reporting for Q2. 

Saxo's Mads Koefoed says technology giant Google is expected to show solid improvement in earnings per share (eps) compared to a year ago but a decline in revenue. Up until 2013, the company showed revenue growth of between 15-20%. However, since then its market share has begun to decline which Koefoed expects to continue. He says the firm needs to focus on mobile ad revenue instead of desktop.

JP Morgan Chase beat analysts' expectations by almost 14% in Q1. Mads notes that Wall Street loves this bank despite consensus that there will be a 7% drop in earnings year-on-year (yoy). The company will also be a good indicator of how other banks have faired in Q2, given the market volatility relating to both China and Greece.

General Electric reports on Friday and Mads says this is the chance for the market to see how it has been performing since it began its restructuring programme. In the Spring, the multinational announced that it was moving back to its industrial roots. It plans to divest USD 200 billion worth of assets and has already managed USD 23 billion. Mads says its bid for French company Alstom is key to helping it turnaround, but the EU is yet to approve this deal.

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