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Bond Market News
Apple, Microsoft, Alphabet Report Earnings
July 28, 2021
Tech majors Apple, Alphabet and Microsoft reported strong quarterly earnings results:
- Apple reported almost doubling of net profits in the quarter to $21.7bn vs. $11.2bn during the same period last year led by iPhone sales. Overall revenues grew 36% YoY to a quarterly record of $81.4bn with iPhone sales up 50%. Apple guided that revenues may not climb as quickly next quarter though it expects very strong double digit YoY growth. Apple’s bonds were flat – its 2.65% 2050s were trading at par.
- Alphabet reported net income of $18.5bn, up 2.7x YoY. Revenues came in at $61.9bn, up 62% YoY. The reported revenue includes $7bn from YouTube ads, $4.6bn from Cloud and other revenues of $6.6bn. Google’s classification “Other Bets” continues to produce losses and reported only $192mn in revenues mainly generated by Verily and Fiber, slightly higher than $148mn last year. Alphabet´s bonds were slightly down – its 2.05% 2050s were down 0.53 to 90.459, yielding 2.51%.
- Microsoft reported a 47% YoY increase in net income to $16.5bn in the quarter. Overall revenues were at $46.2bn and increased 21% led by its ‘Intelligent Cloud’ division at $17.4bn, up 30%. Its LinkedIn revenues rose 46% adding to the rise in its ‘Productivity and Business Processes’ division. The company expects all its divisions to grow in the next quarter too. Microsoft’s bonds were stable – its 2.525% 2050s were at 100.35, yielding 2.51%.
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