Tuesday, May 1, 2018

Apple March 2018 Quarter Earnings Very Good But Substantially Underperforms the Next 7 Largest US Techs With March 2018 Quarter-Ends ........................................................................................ Apple March 2018 Quarter US GAAP Pretax Income Was $16.168 Bil, Up 10% Over the March 2017 Quarter, While the Next 7 Largest US Techs March 2018 Quarter Total US GAAP Pretax Income Was $36.741 Bil, Up a Much Higher 40% ........................................................................................ Apple March 2018 Quarter US GAAP After-Tax Net Income Was $13.822 Bil, Up 25%, While the Next 7 Largest US Techs March 2018 Quarter Total US GAAP After-Tax Net Income Was $31.993, Up a Substantially Higher 67% ........................................................................................ All 8 Largest US Techs Combined Generated March 2018 Quarter Net Income of $45.815 Bil, Up a Phenomenal 52% Over the March 2017 Quarter ........................................................................................ All 8 Largest US Techs Combined Posted a US GAAP Effective Income Tax Rate of Only 13.4% in Their March 2018 Quarter, Down Precipitously From the 26.2% in Their March 2017 Quarter: The US Technology Sector Got Larger Tax Benefits From the Trump Tax Cuts Act in Their March 2018 Quarter Than Any Other Major Sector ........................................................................................ Next 35 Largest US Techs Reporting Earnings By May 3, 2018 Generated Total March 2018 Quarter Pretax Earnings Up 36% and After-Tax Earnings Up 40% Over the March 2017 Quarter

From a review of SEC filings, the below chart shows the US GAAP Pretax Income (Loss) From Continuing Operations, the US GAAP Net Income (Loss) From Continuing Operations and the related US GAAP Income Tax Expense for the March 2018 and 2017 Quarters for all US Technology Corps with stock market caps above $10 Bil and which have reported their March 2018 Quarter Earnings by May 3, 2018.
 US GAAP   US GAAP   US GAAP   US GAAP 
 US GAAP   US GAAP   Effective   Effective  Pretax Net
 US GAAP   Income   US GAAP   US GAAP   Income   US GAAP   Income   Income  Income Income
US Technology Company Pretax Tax Net Pretax Tax Net Tax Tax % Change % Change
With Market Caps > $10 Bil Income Expense Income Income Expense Income Rate Rate March Qtr March Qtr
Releasing March 2018 Quarter March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr March Qtr 2018 2018
Earnings Through 5-3-18  2018 2018 2018 2017 2017 2017 2018 2017 vs 2017 vs 2017
mils $ mils $ mils $ mils $ mils $ mils $
Apple
       16,168         2,346       13,822       14,684         3,655       11,029 14.5% 24.9% 10% 25%
Next 7 Largest US Techs
Alphabet       10,543         1,142         9,401         6,819         1,393         5,426 10.8% 20.4% 55% 73%
Microsoft         8,641         1,217         7,424         7,094         1,608         5,486 14.1% 22.7% 22% 35%
Facebook         5,610            622         4,988         3,408            344         3,064 11.1% 10.1% 65% 63%
Intel         5,011            557         4,454         3,815            851         2,964 11.1% 22.3% 31% 50%
Visa         3,217            612         2,605         2,702         2,272            430 19.0% 84.1% 19% 506%
Amazon.com         1,916            287         1,629            953            229            724 15.0% 24.0% 101% 125%
Mastercard         1,803            311         1,492         1,478            397         1,081 17.2% 26.9% 22% 38%
Total all Next 7 Largest US Techs       36,741         4,748       31,993       26,269         7,094       19,175 12.9% 27.0% 40% 67%
Total all 8 Largest US Techs       52,909         7,094       45,815       40,953       10,749       30,204 13.4% 26.2% 29% 52%
Other Smaller US Techs
Texas Instruments         1,553            187         1,366         1,255            258            997 12.0% 20.6% 24% 37%
International Business Machines         1,136           (540)         1,676         1,424           (329)         1,753 -47.5% -23.1% -20% -4%
Lam Research            772               (7)            779            531              44            487 -0.9% 8.3% 45% 60%
Activision Blizzard            567              67            500            453              27            426 11.8% 6.0% 25% 17%
PayPal Holdings            548              37            511            438              54            384 6.8% 12.3% 25% 33%
eBay            547            140            407            558           (477)         1,035 25.6%
NM
 -2% -61%
Seagate Technology            393              12            381            212              18            194 3.1% 8.5% 85% 96%
KLA-Tencor            366              59            307            319              66            253 16.1% 20.7% 15% 21%
QUALCOMM            358               (5)            363            857            108            749 -1.4% 12.6% -58% -52%
Amphenol            355              86            269            298              71            227 24.2% 23.8% 19% 19%
Netflix            300                9            291            224              46            178 3.0% 20.5% 34% 63%
Skyworks Solutions            292              16            276            281              56            225 5.5% 19.9% 4% 23%
Check Point Software             228              41            187            221              39            182 18.0% 17.6% 3% 3%
Maxim Integrated Products            222              29            193            170              30            140 13.1% 17.6% 31% 38%
Xilinx            186              20            166            171              18            153 10.8% 10.5% 9% 8%
CDW Corp            166              39            127              74              16              58 23.5% 21.6% 124% 119%
Verisk Analytics            162              29            133            161              52            109 17.9% 32.3% 1% 22%
First Data Corp            161              27            134              91              12              79 16.8% 13.2% 77% 70%
Verisign            152              18            134            148              31            117 11.8% 20.9% 3% 15%
Citrix Systems            151                7            144            120              50              70 4.6% 41.7% 26% 106%
Arista Networks            143               (2)            145              74               (9)              83 -1.4% -12.2% 93% 75%
IPG Photonics            142              36            106            101              26              75 25.4% 25.7% 41% 41%
Motorola Solutions            140              23            117            120              42              78 16.4% 35.0% 17% 50%
Ansys              97              13              84              85              22              63 13.4% 25.9% 14% 33%
Cadence Design Systems              78                5              73              74                6              68 6.4% 8.1% 5% 7%
Akamai Technologies              68              14              54              32                5              27 20.6% 15.6% 113% 100%
Twitter              64                3              61             (58)                3             (61) 4.7%
NM
 210% 200%
SS&C Technologies              62              11              51              58              10              48 17.7% 17.2% 7% 6%
CoStar Group              56                4              52              35              13              22 7.1% 37.1% 60% 136%
ServiceNow               (7)             (18)              11             (23)               (1)             (22) 257.1% 4.3% 70% 150%
Atlassian Corp               (8)                6             (14)             (23)               (5)             (18) -75.0% 21.7% -65% -22%
Square Inc             (24)               -               (24)             (15)               -               (15) 0.0% 0.0% -60% -60%
Western Digital           (128)           (189)              61            304              56            248 147.7% 18.4% -142% -75%
Expedia           (169)             (20)           (149)           (131)             (47)             (84) 11.8% 35.9% -29% -77%
Snap           (384)                2           (386)        (2,212)               (3)        (2,209) -0.5% 0.1% 83% 83%
Total all 35         8,745            159         8,586         6,427            308         6,119 1.8% 4.8% 36% 40%
Grand Total all 43
       61,654         7,253       54,401       47,380       11,057       36,323 11.8% 23.3% 30% 50%




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