U.S. tech companies report their quarterly revenue and earnings for 2016
Posted On July 21, 2021
A look at the numbers for the quarter ending March 31, 2016, shows the U.K. and other European nations are in better shape than they were a year ago, and the U,S., and Canada are all still hurting.
The Wall Street Journal has a breakdown of the figures.
Here’s a quick rundown: U.S.-based tech companies are posting better-than-expected quarterly results.
U.k.-based companies posted better-or-worse results, with U. S.-based businesses reporting a net loss and U. k.-based business operating losses, or both.
Europe’s tech companies posted weak results, especially in the U.
“Europe is not on a downward trend, but it’s a long way from being in the ditch, and we’re certainly seeing some recovery,” said Michael C. O’Brien, chief investment officer of Cairn Capital Management in Chicago.
China, meanwhile, continued to struggle.
On Wednesday, the National Bureau of Economic Research reported that China’s economy contracted by 2.5% in the first quarter, the worst quarterly contraction since the global financial crisis, the fastest since the Great Recession.
In a separate report, the British government’s Office for National Statistics said its gross domestic product grew by 0.8% in April from a year earlier, the weakest pace since the financial crisis.
It also said the number of businesses registered as insolvent rose to 4,717 from 4,639 in the previous quarter.
Investors are watching the data closely, as a number of companies have seen their market value fall sharply in recent months.
“I think we are starting to see some of the underlying structural issues emerge, the structural issues that were in place prior to the financial meltdown,” said Mike Coyle, chief global equity strategist at BGC Partners in New York.
Bonds, in particular, are beginning to deteriorate, he added.
Last week, the Dow Jones Industrial Average closed down 1.8%.