Companies’ earnings calls have hardly been celebratory
Good news about America’s economy seems to keep rolling in. In the third quarter, gdp expanded by a barnstorming 4.9% in annualised terms. Heading into earnings season, the month or so each quarter when most firms report their latest results, a stream of upbeat economic figures led stockmarket analysts to hold their profit expectations for the quarter steady, rather than trim them like normal. Many called the end of America’s corporate-earnings recession. Such optimism now looks justified.
Mattel, a toymaker which owns the Barbie brand, among other things, delivered a blockbuster quarter but its outlook for Christmas flopped. Bosses at Alphabet say the tech titan’s data showed customers hunting harder for deals and offers of free shipping for goods. On Tesla’s investor call Elon Musk bemoaned the effect of rising interest rates on consumers’ ability to afford the company’s cars. Since the call, Tesla’s share price has fallen by 15%, wiping more than $100bn off its market value.
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