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European markets closed firmly in the green on Tuesday as investors monitor the latest earnings reports. In data, unemployment figures for the United Kingdom showed the jobless rate fell to 4.2% in the three months to February, while average weekly earnings excluding bonuses increased by 2.8% compared to the same period a year earlier.
The DAX gained 1.57% as Linde soared 3.20%, followed by Covestro rising 3%. The CAC 40 added 0.91% with Unibail-Rodamco leading the gains. The FTSE 100 advanced 0.39%; Russian steel company Evraz surged 6.68% after experiencing significant losses earlier this month after the United States slapped new sanctions on Russian oligarchs and government officials.
Goldman Sachs
The American financial services giant Goldman Sachs reported on Tuesday its earnings per share in the first quarter of the year stood at $6.95, marking a 35% rise compared to the same three-month period last year and the third highest quarterly performance overall. The net earnings for the quarter ended March 31, 2018 amounted to $2.83 billion.
Meanwhile, the bank made a net revenue of $10.04 billion, a 25% increase on an annual basis and the highest in three years, reflecting higher net revenues across all segments. The investment banking sector made a $1.79 billion of net revenue, including the second highest quarterly net revenues in debt underwriting. At the same time, Institutional Client Services generated a net revenue of $4.39 billion, while Investment Management produced record quarterly net revenues of $1.77 billion.
Goldman Sachs shares increased after the release of the better-than-expected results.
Netflix
Entertainment company Netflix, Inc. shares soared. The spike followed the day before after-hours rise of more than 6%, when the streaming giant released its earnings report for the first quarter of 2018.
Netflix reported $3.7 billion in revenue in the first quarter, marking a rise of 40% compared to the same period last year. The service added 1.96 million new subscribers in the United States, while gaining 5.46 million new users around the world, excluding US. Streaming revenue was $3.6 billion in the first three months of 2018, rising from $2.5 billion year on year.
Johnson and Johnson
Pharmaceutical and consumer packaged goods giant Johnson & Johnson reported its revenue for the first quarter of the fiscal year 2018 stood at $20 billion, surpassing estimates of 19.4 billion, the company said in a corporate release. Sales increased 12.6% compared to the first quarter of 2017.
Diluted earnings per share were $1.60. International sales spiked 19.9%, while domestic sales jumped 6.1%. The company's shares rose 0.83% in pre-market trading. The new U.S. Tax Legislation created opportunity for the company to invest in Research and Development and Capital Investments aiming to increase it substantially by more than $30 billion.
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