Oppenheimer: S&P 500 companies show a solid start to Q1 earnings

Glonghui, April 21 | According to a report by Oppenheimer Asset Management, the first batch of S&P 500 companies have released their quarterly results, with about 46 companies seeing their profits and revenues increase year-on-year by approximately 32% and 13% respectively, indicating a solid start to the quarter. FactSet had previously expected a year-on-year profit growth of 12.6% for the earnings season. The firm's chief investment strategist, John Stoltzfus, stated that it is still too early to judge the overall performance for the first quarter, but the quarter seems to have a good beginning. The report pointed out that some companies achieved “disproportionate” results, with technology stocks currently leading in profit growth. Five companies reported a 134% year-on-year increase in profits, while the communication services sector grew by 84%. The technology sector's revenue also leads other sectors, with an approximately 44% increase so far.