Key summary of Earnings Reports in the Technology Sector last week.

1. Overall performance is mixed, with AI and advertising business as highlights.

Alphabet (GOOGL): Q1 revenue of 90.2 billion dollars (+12% year-on-year), net income of 34.5 billion dollars (+46%). Advertising business (search + YouTube) revenue of 66.9 billion dollars exceeded expectations, cloud business revenue of 12.3 billion dollars (+28%). A share buyback plan of 70 billion dollars was announced, but Waymo's losses expanded to 1.23 billion dollars. Alphabet's forward PE of 18 times is below the historical average.

2. Semiconductor Industry: Diverging demand and front-loading effects of tariffs.

$Intel (INTC): Q1 revenue of $12.7 billion exceeded expectations, but Q2 guidance is weak (expected revenue of $11.2-12.4 billion). Customers stockpiled in advance due to tariff concerns. Announced a 20% layoff (about 22,000 people) to cut costs, Intel fell 7% in after-hours trading.

4. Risk focus: Tariffs and supply chain.

Companies are generally warning about the impact of tariffs: Intel expects Q2 demand to shrink, and Apple's (Earnings Reports next week) supply chain costs may rise.

Weekly earnings reports summary for the Industry Sector: performance is stable but tariff concerns are emerging.

Last week, the Industrial Sector saw a concentrated release of Earnings Reports, with leading companies such as $Boeing(BA)$, $3M(MMM)$, $American Airlines(AAL)$, and $Southwest Airlines(LUV)$ announcing their first-quarter performance. Overall, the sector outperformed the Large Cap market, with the $Industrial Select Sector SPDR Fund(XLI)$ year-to-date decline narrowing to 2%, outperforming the S&P 500 Index's 6% decline.

Highlights of the performance:

• GE Aviation achieved double-digit revenue growth and reaffirmed its full-year guidance, planning to address the tariff impact through cost reductions.

• Boeing's loss per share narrowed to -$0.49, exceeding market expectations, and plans to gradually increase 737 MAX production capacity.

• 3M's revenue and profit exceeded expectations, but it warned that tariffs could reduce full-year EPS by $0.20-$0.40.

• Lockheed Martin's Missile business revenue surged by 13%, benefiting from increased demand for tactical missiles.

Overall data:

Among the 30 industrial companies that have disclosed their Earnings Reports, 77% exceeded EPS expectations, while 37% did not meet revenue forecasts. Next week, Caterpillar, Honeywell, and others will announce their performance, and the market is focused on their strategy adjustments in response to trade policies.

Medical Sector Earnings Reports Weekly: Profits are stable but growth is notably differentiated.

Overall Performance • Profits exceeded expectations: All 16 healthcare companies in the S&P 500 that reported earnings this week achieved profits above expectations, continuing the strong momentum (only 1 of the 19 companies that reported this month had profits below expectations) • Revenue resilience: Only $Gilead Sciences (GILD)$ did not meet revenue expectations, reflecting stable overall industry demand.

Sector Increase: $Health Care Sector ETF-SPDR (XLV)$ rose 1% this week, underperforming the market.

Key Company Updates

1. $AbbVie (ABBV)$: Humira performance drives Q1 results beyond expectations, raises annual profit guidance, stock price rises.

2. $Bristol-Myers Squibb (BMY)$: Forex boosts Q1 results beyond expectations, raises annual EPS guidance by $0.15 (median).

3. $Merck (MRK)$: Q1 exceeded expectations, but lowers annual outlook due to tariffs and other factors (impacting $0.2 billion).

4. $Gilead Sciences (GILD)$: Lowers annual EPS guidance to $5.65-$6.05 (originally $5.95-$6.35), reflecting increased R&D investment.

This week's earnings report highlights companies overview (April 28 to May 2).

Monday (April 28).

$NXP Semiconductors (NXPI): Leading automotive chipmaker, expected Q1 profit to decline by 20% year-on-year, and revenue to decrease by 10%. The current forward PE of 16.5 times is close to the cycle low, and Analysts believe it has investment value.

Tuesday (April 29).

$Pfizer (PFE): Expected declines in both EPS and revenue, halting the development of weight loss drugs increases innovation pressure. The 7.6% dividend yield creates a game with a 12-year stock price low, and the market is focusing on strategies to cope with the patent cliff.

Wednesday (April 30).

$Microsoft (MSFT): Expected 10% growth in both revenue and profit, with AI and cloud business as core drivers. Investment in OpenAI strengthens competitive advantage, but high valuations and tariff risks have caused divergences.

$Meta Platforms, Inc. (META): Advertising business remains robust, AI capital expenditure ($55-60 billion) suppresses cash flow expectations, and following a 30% pullback from historical highs, valuation is recovering.

Thursday (May 1)

$Apple (AAPL)$: iPhone's global market share of 19% ranks first, with growth in Emerging Markets offsetting weak sales in China and the US. Service revenue and supply chain shifts have become key variables.

$Amazon (AMZN)$: Expected profit surge of 38%, with AWS and advertising business contributing over 50% of operating profit. High valuation and executive Shareholding have raised cautious sentiment.

Friday (May 2)

$Exxon Mobil (XOM) $Chevron (CVX): Expected double-digit decline in profit, but Henry Hub Natural Gas demand (driven by AI Datacenters) and low valuation support an upgrade to "Strong Buy."

Other key points:

• PayPal, Visa (Tuesday): Progress of the recovery in the payment industry.

• Caterpillar (CAT) (Wednesday): Demand for Construction Machinery and tariff transmission ability.

• McDonald's and Eli Lilly and Co (Thursday): Performance in Consumer and GLP-1 drug sectors.