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Good afternoon investors!

During the ever important earnings season, we publish our “Earnings Recap” — an in-depth summary of the earnings reports for stocks that we cover on a regular basis.

Earnings season is just getting started and is expected to be wild — here is the list of companies we focused on:

• Monday 1/13: --

• Tuesday 1/14: --

• Wednesday 1/15: JP Morgan, Goldman Sachs, and BlackRock

• Thursday 1/16: Taiwan Semi, UnitedHealth, Bank of America, and Morgan Stanley

• Friday 1/17: --

Let’s dive in.

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Taiwan Semiconductor (TSM)

Taiwan Semi reported robust quarterly earnings, beating revenue and EPS estimates on the back of strong growth across its high-performance computing (HPC) and mobile segments.

The company posted net revenue of $26.26 billion, up 33% year-over-year, and net income of $11.6 billion, up 57% from the same quarter last year. Earnings per share came in at $2.24, exceeding estimates by 1.82%.

Key highlights included a 63% YoY increase in HPC revenue to $13.9 billion, driven by strong demand in advanced semiconductor technologies. Mobile revenue grew 8% YoY to $9.2 billion, while IoT revenue surged 33% YoY to $1.3 billion. Operating income rose by 64% to $13.2 billion, reflecting a 59% gross profit margin, and operating cash flow soared 57% to $19.2 billion.

For Q1 2025, TSMC expects revenue between $25.0 billion and $25.8 billion, with gross profit margins ranging from 57% to 59% and operating margins from 46.5% to 48.5%. The company also forecasts FY 2025 capex between $38 billion and $42 billion.

TSM shares are +3.4% so far this week.

JPMorgan Chase (JPM)

JPMorgan Chase reported strong quarterly earnings, beating expectations with impressive revenue growth and robust operational performance across segments.

The company posted net income of $14.0 billion (+50% YoY) and revenue of $42.77 billion (+11% YoY), surpassing analyst estimates.

Key highlights include Commercial Banking revenue soaring 18% YoY to $17.6 billion, driven by strong demand and client activity, while FICC sales and trading revenue surged 20% YoY to $5.0 billion. Consumer Banking revenue remained steady at $18.4 billion (+1% YoY), and non-interest expenses decreased by 7%, reflecting effective cost management.

JPMorgan also returned $4.0 billion to shareholders through buybacks and saw AUM grow 18% YoY to $4.0 trillion.

For FY 2025, the company expects net interest income of $94.0 billion, total expenses of $95.0 billion, and a credit services net charge-off rate of 3.6%. These projections, coupled with solid deposit growth (+2% YoY) and a strong loan book, position JPMorgan for sustained momentum in the coming year.

JPM shares are +6.4% so far this week.

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UnitedHealth Group (UNH)

UnitedHealth Group reported solid quarterly earnings, beating EPS estimates while narrowly missing revenue projections due to a cybersecurity event impact.

The company posted net income of $5.8 billion, up 2% YoY, on revenue of $100.81 billion, which grew 7% YoY but fell short of the $101.6 billion estimate.

Optum led the growth, delivering $65.1 billion in revenue (+9% YoY), while UnitedHealthcare's revenue grew 5% YoY to $74.1 billion. Premiums revenue rose 4% YoY to $76.5 billion, but operating cash flow dipped 4% YoY to $7.1 billion.

UnitedHealth's $9 billion in share buybacks and customer base expansion by 2.1 million reflect its ongoing strategic focus.

For 2025, the company guided FY revenue between $450 billion and $455 billion, with EPS projected at $29.50-$30.00 and operating cash flow of $32.0-$33.0 billion, positioning it for another year of steady growth despite headwinds.

UNH shares are -1.8% so far this week.

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Bank of America (BAC)

Bank of America reported a strong fourth quarter, beating both revenue and EPS estimates on the back of solid performance across multiple business segments.

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