Magnificent Seven and beyond: Big Tech EPS preview
As the first-quarter earnings season draws near, the spotlight is on the"Magnificent Seven" and other major tech players as they gear up to unveil their quarterly EPS.
“This reporting season, investors will be focused on the breadth of corporate profits vs. strength in the largest TECH+ stocks,” said the bank. “Big 6 EPS growth peaked in 4Q23 at 68.2% and is expected to grow 42.1% in 1Q24. Earnings estimates have been revised higher by 6.2% for the Big 6 YTD, vs. -1.9% for the rest of TECH+, and -5.3% for the rest of the market.”
However, JPMorgan disagrees with these trades.
The firm believes Amazon and Netflix are poised to capitalize on these trends. “Netflix’s CPMs and ad delivery rates have remained consistent at around $40 and at four ads per hour, respectively, and will likely remain consistent throughout 2024, aside from a seasonal rise in CPMs in 2H:24,” said the firm.
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