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Google, Apple, Facebook et Amazon affolent la Bourse

Les Echos du 24 juillet 2015

Pierrick Fay

 

Réunis, Google, Apple, Facebook et Amazon valent plus que l’indice CAC 40 - Shutterstock

Les Gafa pèsent plus de 1.650 milliards de dollars en Bourse. Mais attention aux Natu (Netflix, Airbnb, Tesla, Uber)

Mercredi, jour de l’annonce de ses résultats, la valorisation d’Apple a fondu de 30 milliards de dollars. Mais avec 715 milliards de capitalisation, le fabricant de l’iPod demeure la plus grosse entreprise cotée du monde. Une domination qu’il partage avec Amazon, Google et Facebook. Ce sont les Gafa. En février, ils pesaient autant que le CAC 40. Depuis l’écart n’a cessé de se creuser. L’indice CAC 40 vaut 1.131 milliards de dollars, alors que les Gafa affichent 1.675 milliards de dollars sur la balance ! Soit 160 milliard de plus qu’en février dernier. « Début 2014, le CAC 40 pesait encore 300 milliards d’euros de plus que les GAFA », rappelle Tangi Le Liboux chez Aurel BGC.

Si Apple est la plus grosse valeur du monde, Google est deuxième, Facebook pointe à la 11^e place et Amazon suit à la 20^e place. La hausse du billet vert (+20 % face à l’euro depuis février), explique cette performance. Mais pas seulement, car les Gafa battent aussi très largement le Nasdaq (+9,2 % depuis le premier janvier). Amazon, Google et Facebook sont à leur plus haut historique.

Le langage de Wall Street

Pourquoi une telle performance ? D’abord, constate Leslie Griffe de Malval chez Fourpoints IM, « le cours de Bourse de Google et Amazon avait baissé l’année dernière ». Il y a un effet de rattrapage. Mais encore ? « Le marché apprécie la pertinence de leurs offres, de leur modèle économique. Leur potentiel de croissance reste important, ainsi que le potentiel de monétisation de leurs services. » Mais pour Tangi Le Liboux, si les Gafa séduisent tant, c’est aussi parce qu’ils se « plient peu à peu et depuis des années aux règles de Wall Street ». Les Gafa ont confié les commandes à des personnes qui « parle un langage que Wall Street comprend parfaitement », comme Tim Cook « pur produit de la finance », Sheryl Sandberg, « architecte de la monétisation des audiences » de Facebook ou Ruth Porat, nouvelle directrice financière de Google et ancienne de Morgan Stanley. « En clair, Wall Street veut bien laisser les “nerds” [le fana d’informatique, solitaire] aux commandes mais à condition que la maison soit bien tenue par des financiers. »

Et gare à celui qui ne sait pas parler à l’oreille des marchés, à l’image de Twitter dont l’instabilité managériale pèse sur le titre (–30 % depuis avril). « Cela montre que le marché sait faire le tri entre les bonnes histoires et les histoires un peu plus compliquées. Twitter a un problème de management et un modèle économique qui se cherche, même s’il y a de la croissance. Mais le marché voit surtout que le nombre d’utilisateurs croit moins vite que prévu et que certaines applications comme Whatsapp », poursuit Leslie Griffe de Malval.

Netflix caracole à Wall Street

Mais la puissance du digital de Wall Street ne se résume pas seulement à ces « 4 Fantastiques », alors qu’arrivent les Natu, « quatuor emblématique d’une nouvelle vague qui parcourt le segment du digital », d’après Aurel BGC : Netflix, Airbnb, Tesla et Uber. Si Airbnb et Uber ne sont pas cotés, Netflix affiche la plus forte hausse depuis le début de l’année : +127 %. Et selon Aurel BGC, en se basant sur les valorisations d’Uber et d’Airbnb obtenues lors des dernières levées de fonds, « ces quatre jeunes pousses valent autant que 10 % du CAC 40 »,contre un peu plus de 6 % début 2014 et 3 % début 2013. Si, selon Tangui Le Liboux , « Wall Street peine encore à donner une valorisation à ces sociétés, la direction reste claire : Les NATU investissent sur une seule, voire deux activités et Wall Street n’exige pas encore un rationnement des investissements, ni une profitabilité immédiate », du moins en ce qui concerne les deux valeurs cotées Tesla et Netflix, Uber et Airbnb n’ayant pas encore franchi le pas de la cotation en Bourse. « Il y a aussi Pandora [radio Internet] ou TripAdvisor, ajoute Leslie Griffe de Malval, des sociétés qui ont un potentiel international et qui peuvent devenir des poids lourds importants à partir du moment où ils pourront se développer vraiment hors des Etats-Unis. » Le chemin s’annonce encore long avant de pouvoir rivaliser avec les Gafa.

En savoir plus sur http://www.lesechos.fr/finance-marches/marches-financiers/021224804509-google-apple-facebook-et-amazon-affolent-la-bourse-1139369.php?HmbJgfrfVKzGA9s6.99#xtor=EPR-7-%5Bmatinale%5D-20150724-%5BProv_%5D-892631%402

 

 

 

Microsoft Cloud and Hardware Results Drives Fourth Quarter Performance

 

Microsoft du 22 juillet 2015

 

Commercial cloud annualized revenue run rate now exceeds $8 billion; Computing and Gaming Hardware, including Xbox and Surface, deliver nearly $2 billion in revenue

 

REDMOND, Wash. — July 21, 2015 — Microsoft Corp. today announced that revenues for the quarter ended June 30, 2015 were $22.2 billion. Gross margin, operating loss, and loss per share for the quarter were $14.7 billion, $(2.1) billion, and $(0.40) per share, respectively.

 

These results include the impact of a $7.5 billion non-cash impairment charge related to assets associated with the acquisition of the Nokia Devices and Services (NDS) business, in addition to a restructuring charge of $780 million. There was also a charge of $160 million related to the previously announced integration and restructuring plan. Combined, these items totaled $8.4 billion or a $1.02 per share negative impact. Excluding this impact, operating income and EPS would have been $6.4 billion and $0.62, respectively.

 

During the quarter, Microsoft returned $6.7 billion to shareholders in the form of share repurchases and dividends.

 

The following table reconciles these financial results reported in accordance with generally accepted accounting principles (“GAAP”) to Non-GAAP financial results. Microsoft has provided this Non-GAAP financial information to aid investors in better understanding the company’s performance. All growth comparisons relate to the corresponding period in the last fiscal year.

 

	Three Months Ended June 30,
($ in millions, except per share amounts)		Revenue	Gross Margin	Operating Income (Loss)	Earnings (Loss) per Share
2014 As Reported (GAAP)		$23,382	$15,749	$6,482	$0.55
Impairment, Integration, and Restructuring Charges		-	-	127	0.01
2014 As Adjusted (Non-GAAP)		$23,382	$15,749	$6,609	$0.56
2015 As Reported (GAAP)		$22,180	$14,712	$(2,053)	$(0.40)
Impairment, Integration, and Restructuring Charges		-	-	8,438	1.02
2015 As Adjusted (Non-GAAP)		$22,180	$14,712	$6,385	$0.62
Percentage Change Y/Y (GAAP)		(5)%	(7)%	(132)%	(173)%
Percentage Change Y/Y (Non-GAAP)		(5)%	(7)%	(3)%	11%

 

The strengthening of the U.S. dollar compared to foreign currencies had a significant impact on results in the quarter. Excluding the effect of foreign exchange rate changes on the GAAP amounts, on a constant currency basis, revenue and gross margin would have declined 2% and 3%, and operating income and EPS would have declined 129% and 176%, respectively. Excluding the effect of foreign exchange rate changes on the Non-GAAP amounts, on a constant currency basis, revenue and gross margin would have declined 2% and 3%, respectively, and operating income and EPS would have declined 1% and increased 8%, respectively.

 

“Our approach to investing in areas where we have differentiation and opportunity is paying off with Surface, Xbox, Bing, Office 365, Azure and Dynamics CRM Online all growing by at least double-digits,” said Satya Nadella, chief executive officer at Microsoft. "And the upcoming release of Windows 10 will create new opportunities for Microsoft and our ecosystem.”

 

“We finished the fiscal year with solid progress against our strategic priorities, through strong execution and financial discipline, which is reflected in our results for the quarter and the year,” said Amy Hood, executive vice president and chief financial officer at Microsoft.

 

Devices and Consumer revenue declined 13% (down 10% in constant currency) to $8.7 billion, with the following business highlights:

 

· Windows OEM revenue decreased 22% as revenue was impacted by PC market declines following the XP end-of-support refresh cycle

 

· Surface revenue grew 117% to $888 million, driven by Surface Pro 3 and launch of the Surface 3

 

· Total Xbox revenue grew 27% based on strong growth in consoles, Xbox Live transactions and first party games

 

· Search advertising revenue grew 21% with Bing U.S. market share at 20.3%, up 110 basis points over the prior year

 

· Office 365 Consumer subscribers increased to 15.2 million, with nearly 3 million subscribers added in the quarter

 

Commercial revenue increased slightly (up 4% in constant currency) to $13.5 billion, with the following business highlights:

 

· Commercial cloud revenue grew 88% (up 96% in constant currency) driven by Office 365, Azure and Dynamics CRM Online and is now on an annualized revenue run rate of over $8 billion

 

· Server products and services revenue grew 4% (up 9% in constant currency), with stable annuity performance offsetting declines in transactional revenue

 

· Dynamics revenue grew 6% (up 15% in constant currency), with the Dynamics CRM Online install base growing almost 2.5x

 

· Office Commercial products and services revenue declined 4% (up 1% in constant currency), with continued transition to Office 365 and lower transactional revenue due to declining business PCs following the XP end-of-support refresh cycle

 

· Windows volume licensing revenue declined 8% (down 4% in constant currency), driven primarily by transactional revenue declining following the XP end-of-support refresh cycle with annuity growth on a constant currency basis

 

“In our commercial business we continue to transform the product mix to annuity cloud solutions and now have 75,000 partners transacting in our cloud,” said Kevin Turner, chief operating officer at Microsoft. “We are also expanding the opportunity for more partners to sell Surface, and in the coming months will go from over 150 to more than 4,500 resellers globally.”

 

For Microsoft’s fiscal year 2015, the company’s revenue, gross margin, operating income, and diluted EPS were $93.6 billion, $60.5 billion, $18.2 billion, and $1.48 per share, respectively. Excluding the impact of impairment, integration and restructuring charges, full year operating income and EPS would have been $28.2 billion and $2.63, respectively.

 

The following table reconciles these financial results reported in accordance with GAAP to Non-GAAP financial results. This Non-GAAP financial information has been provided to aid investors in better understanding the company’s performance.