Here are companies that released better-than-expected quarterly earnings report before the U.S. market opens on Tuesday:
UBS Profit Beats Expectations as Rates Offset Trading Slowdown
UBS Group AG reported fourth-quarter profit that beat expectations and said it plans to buy back more than $5 billion of shares this year, as rising interest rates helped offset a slump in trading fees and transaction income at the key wealth management business.
The Zurich-based bank reported net income of $1.65 billion on Tuesday, aided by a 35% surge in interest income at the wealth management unit, the margin that the company makes on loans. Earnings for that business broadly met estimates, with the bank reporting $23.3 billion in wealth inflows. Revenues at the investment bank fell by 24% while compensation costs rose.
Spotify's User Growth Beats Estimates, Expects 500 Mln Listeners Next Quarter
Spotify Technology on Tuesday reported fourth-quarter results that beat expectations for both active users and subscribers, and forecast the number of listeners would reach 500 million next quarter.
The number of monthly active users rose to 489 million in the quarter, beating Spotify's guidance and analysts' forecasts of 477.9 million.
Premium subscribers, who account for most of the company's revenue, rose 14% to 205 million, topping estimates of 202.3 million.
GM Reports Higher Quarterly Profit, Forecasts Lower Results in 2023
General Motors Co(GM.N)on Tuesday reported a higher quarterly net income for the fourth quarter, but said profit in 2023 would fall from last year.
For the full year, GM's profit dropped to $9.9 billion from $10.0 billion in 2021. EBIT-adjusted income of $14.5 billion was a record, up slightly from $14.3 billion a year earlier.
GM said it expects net income in 2023 of $8.7 billion to $10.1 billion, and EBIT adjusted of $10.5 billion to $12.5 billion.
Exxon Smashes Western Oil Majors' Earnings Record With $59 Billion Profit
Exxon Mobil Corp posted $59 billion in adjusted profit for 2022, the company said on Tuesday, taking home more than $6.7 million per hour last year, and setting not only a company record but a historic high for the Western oil industry.
Oil majors are expected to break their own annual records on high prices and soaring demand, pushing their combined take to near $200 billion. The scale has renewed criticism of the oil industry and sparked calls for more countries to levy windfall profit taxes on the companies.
Refiner Phillips 66 Joins Rivals in Posting Sky-High Profit
Phillips 66 on Tuesday became the latest refiner to post bumper quarterly profit, as higher fuel demand boosted margins.
The Houston, Texas-based refiner's earnings stood at $1.9 billion, or $3.97 per share, for the three months ended Dec. 31, compared with $1.3 billion, or $2.88 per share, a year earlier.
UPS Beats Profit View on High-Margin Deliveries, Cost Controls
United Parcel Service Inc on Tuesday beat expectations for quarterly adjusted profit, as it prioritized shipments of high-margin parcels and kept a tight lid on costs amid a softening e-commerce environment.
The company reported an adjusted profit of $3.62 per share for the fourth quarter, above Wall Street's expectations of $3.59 per share.
Meanwhile, net sales for the quarter fell 2.7% to $27.0 billion, missing analysts' average estimate of $28.09 billion. The company also authorized a new $5 billion share repurchase program.