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By Swissquote Analysts
Morning News

FINMA Concludes Proceedings Against Credit Suisse Related To Lex Greensill

The Swiss Financial Market Supervisory Authority or FINMA, announced it has concluded its enforcement proceedings against Credit Suisse Group (CS) in connection with its business relationship with financier Lex Greensill and his companies. FINMA finds that Credit Suisse seriously breached its supervisory obligations in this context with regard to risk management and appropriate organizational structures. FINMA has ordered remedial measures.

By
Mathieu VILLARD
Morning News

Zoom Revenue Up on Growth From Big Customers

Zoom Video Communications Inc. posted higher sales in the fourth quarter on strong growth from enterprise customers and forecast profit ahead of Wall Street expectations. The videoconferencing company said sales grew 4% to $1.12 billion, just ahead of the $1.1 billion expected by analysts recently polled by FactSet. Enterprise revenue rose 18% compared with last year, while online revenue, which measures individual customers, fell 10%. Looking ahead, Zoom guided for adjusted profit for the current quarter and coming year ahead of Wall Street estimates, although its sales forecasts came in short. Shares rose more than 5% in aftermarket trading.

By
Nadine PEREIRA
Morning News

U.S. Inflation edges higher

Inflation firmed and consumers stepped up spending in January, likely leaving the Federal Reserve on track to keep raising interest rates in coming months to cool price pressures. The personal-consumption expenditures price index—the Fed’s preferred gauge of inflation—rose 5.4% in January from a year earlier, up from 5.3% in December, the Commerce Department said Friday. The core PCE-price index, which excludes food and energy prices, rose 4.7%, also ticking up from December. The central bank aims for 2% annual inflation. Spending by U.S. households rose a seasonally adjusted 1.8% in January from the prior month, the largest increase in nearly two years, and a reversal from a small decrease in December.

By
Mathieu VILLARD
Morning News

Holcim: Strong Performance and Successful Transformation in 2022

Swiss building materials firm Holcim Group (HCMLY.PK, HCMLF.PK) reported Friday that its fiscal 2022 net income Group share reached 3.31 billion Swiss francs, up 44 percent from last year's 2.30 billion francs. Earnings per share were 5.48 francs, a growth of 47 percent from 3.73 francs a year ago. Adjusted earnings per share were 3.66 francs, compared to 3.98 francs last year. Adjusted earnings per share before the resolution with the US Department of Justice increased 24.6 percent at 4.96 francs.

By
David VERELST
Morning News

Schindler profit dragged down by past commitments and China slowdown

Schindler, the Swiss manufacturer of lifts, struggled last year with past commitments, the downturn in China, supply chain problems and inflation. The lift and escalator manufacturer's profits plummeted. In the current year, things should start to look brighter again. Operating profit (EBIT) plummeted by 22.5 per cent to 904 million Swiss francs, as the group announced in a communiqué. This is the first dip below the billion-franc mark and the worst result in a decade.

By
Nadine PEREIRA
Morning News

Walmart Posts Strong Earnings as Shoppers Look for Discounts

Walmart reported strong quarterly sales as cash-strapped shoppers gravitated to the discount retailer for food and other essentials and continued to pay higher prices on many items compared with last year. However the company provided a muted outlook for the coming year, saying that there is much uncertainty and that customers are being more cautious about spending, particularly on nonfood items. U.S. comparable sales, those from stores and digital channels operating for at least 12 months, rose 8.3% in the quarter ended Jan. 27, compared with the same period last year.

By
Mathieu VILLARD
Morning News

EPS Down 30% at Temenos in the Fourth Quarter

The banking software specialist Temenos recorded significantly less profit in the fourth quarter and in 2022 as a whole. For the current year, however, the company is again holding out the prospect of an increase in earnings. The company, which is one of the 30 most important traded on the Swiss stock exchange, posted adjusted earnings of 0.99 US dollars per share in the final quarter. That was 30 per cent lower than a year earlier, Temenos admitted on Monday evening. For the full year 2022, earnings were $2.82 per share (-26%).

By
Mathieu VILLARD
Morning News

Sika Results Rise, Lifts Dividend

Swiss specialty chemical firm Sika AG reported that its fiscal 2022 net profit grew 11 percent to 1.16 billion Swiss francs from last year's 1.05 billion francs. Earnings per share were 7.57 francs, 9.6 percent higher than 6.91 francs last year. Operating profit or EBIT increased 13.5 percent to 1.58 billion francs from last year's 1.39 billion francs. The EBIT margin was 15.1 percent, up from 15 percent last year. The company exceeded the 10 billion francs sales mark for the first time with sales of 10.49 billion francs, up 13.4 percent from last year's 9.25 billion francs.

By
Mathieu VILLARD
Morning News

Swiss Re reports a net income of USD 472 million for 2022

Thanks to a final spurt towards the end of the year, Swiss Re reached the profit zone last year. After nine months, there had still been a loss due to major claims, inflation, and the turmoil of the financial markets. For the year as a whole, a net profit of 472 million US dollars remained after a plus of 1.44 billion in 2021, as Swiss Re announced on Friday. The group thus exceeded analysts' forecasts. In the months of January to September, the result was still negative by 0.3 billion.

By
David VERELST
Morning News

Cisco Raises Outlook as Its Earnings Top Expectations

Cisco Systems Inc. raised its outlook for the year after posting better-than-expected results, a bright spot among technology companies facing continuing challenges from inflation and other macroeconomic impacts. The results beat Cisco’s forecast for the quarter on both the top and bottom lines, and its outlook for the current quarter also came in ahead of Wall Street estimates, according to FactSet. Shares were up 3.3% in aftermarket trading.

By
Nadine PEREIRA