Corporate giants from Apple Inc. to Visa Inc. are expected to report their financial results over the coming week, giving investors insight into the impact from the Covid-19 pandemic, the Delta variant and increased business costs.
In all, 180 members of the S&P 500 are scheduled to provide quarterly updates starting Monday, including the world’s biggest tech companies. The list also includes the restaurant companies McDonald’s Corp. and Starbucks Corp. , industrial firms such as 3M Co. , Boeing Co. and General Electric Co. , as well as Ford Motor Co. and the energy heavyweights Exxon Mobil Corp. and Chevron Corp.
So far, companies are on track to report strong year-over-year gains in revenue and profit, as firms are benefiting from the reopening of economies this spring, compared with the closures experienced the year before.
Still, many companies already reporting have talked about the need to raise prices for products from metal fasteners to Oreo cookies to offset rising costs for materials, transportation and workers.
The electric-car manufacturer Tesla Inc. helps to kick off the heavy earnings week Monday. The company in April reported record earnings, and Chief Executive Elon Musk told investors then that “demand is the best we’ve ever seen.” Wall Street, according to FactSet, is expecting Tesla’s sales to be $11.53 billion for the second quarter, which would surpass its first-quarter sales and nearly double the company’s $6.04 billion in sales in the year-ago second quarter.