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US earnings surprise, but companies warn on rising inflation

Intel computer chip on a dark coloured background

Some of the big names reporting third quarter 2021 earnings in the US on Friday 22 October include Schlumberger, Honeywell, American Express and Royal Caribbean Cruises.

Through the week, Tesla posted record revenue and profits in the third quarter and Netflix saw earnings rise while subscriber growth of 4.4m was higher than the expected 3.84m.

United Airlines revenue was higher than expected with travel demand rebounding, while Southwest Airlines was trimming flights again to manage a staffing crunch. American Airlines posted a profit with the help of federal aid, while revenue improved.

IBM shares dropped on weaker-than-expected quarterly revenue and Intel fell after the company blamed a shrinking PC chip business on component shortages.

Snap missed revenue expectations, pushing the stock 25% lower on Thursday, and said its advertising business was disrupted by privacy changes Apple introduced earlier this year. It warned on global supply chain interruptions and labour shortages.

Procter & Gamble topped Wall Street’s estimates for its fiscal first-quarter earnings, but the consumer giant also raised its forecast for commodity and freight costs for the remainder of the fiscal year, warning it believes inflation is still increasing.

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