Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
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Profitability Ratios (Summary)
Activision Blizzard Inc., profitability ratios (quarterly data)
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
- Gross Profit Margin
- The gross profit margin demonstrated a generally upward trend from early 2019 through 2021, increasing from approximately 67.15% in March 2019 to a peak of around 73.68% by December 2021. Following this peak, there was a gradual decline through 2022 and into mid-2023, with margins stabilizing near 70.38% by June 2023. This suggests an initial improvement in cost management or pricing strategies, followed by a modest contraction in profitability at the gross level in recent periods.
- Operating Profit Margin
- The operating profit margin showed notable improvement from early 2019, rising from roughly 26.67% in March 2019 to a high point around 37.02% in December 2021. After this peak, a significant decrease occurred throughout 2022, declining to 22.18% by December 2022. A slight recovery was observed by mid-2023, reaching 25.68%. This pattern indicates enhanced operational efficiency until late 2021, followed by increased costs or reduced operational income affecting margins in the subsequent periods.
- Net Profit Margin
- The net profit margin exhibited a gradual increase from 23.91% in March 2019 to a maximum near 30.66% in December 2021. Similar to operating margins, it declined during 2022, falling to 20.10% by December 2022, but began to recover modestly in 2023, reaching 24.87% by June. This progression reflects a strong overall profitability trend through 2021, with pressures mounting on net income after that, possibly due to lower revenues, higher expenses, or increased financial costs.
- Return on Equity (ROE)
- Return on equity decreased steadily from 15.18% in March 2019 to a low of 7.86% in December 2022, indicating diminishing efficiency in generating returns for shareholders over this period. A slight rebound was seen in early 2023, reaching 10.41% by June. The decreasing ROE implies challenges in leveraging equity capital for profit, potentially stemming from either rising equity bases outpacing net income or reduced profitability.
- Return on Assets (ROA)
- The return on assets generally declined from 9.81% in March 2019 to a trough of 5.53% in December 2022, reflecting decreasing effectiveness in utilizing assets to generate earnings. A modest recovery occurred in early 2023, with ROA improving to 7.59% by June. This trend suggests less efficient asset utilization in recent years, although slight improvements are noted in the latest periods.
Return on Sales
Return on Investment
Gross Profit Margin
Activision Blizzard Inc., gross profit margin calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Gross profit | ||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q2 2023 Calculation
Gross profit margin = 100
× (Gross profitQ2 2023
+ Gross profitQ1 2023
+ Gross profitQ4 2022
+ Gross profitQ3 2022)
÷ (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
- Revenue and Gross Profit Trends
- Over the observed quarterly periods, net revenues exhibit a generally upward trajectory with some fluctuations. Initial quarters from 2019 show revenues ranging between approximately $1.28 billion and $1.99 billion, followed by a significant increase in late 2020 reaching over $2.4 billion in one quarter. This elevated revenue level mostly sustains into subsequent periods with values frequently above $2 billion, although there is a noticeable dip in early 2022 down to about $1.64 billion, before recovering again in later quarters to values exceeding $2.2 billion.
- Gross profit follows a parallel pattern with net revenues, maintaining growth from around $840 million in late 2019, rising steadily through 2020 and 2021. It peaks in early 2021 near $1.74 billion, slightly recedes in mid to late 2022, and again increases in late 2022 and 2023, indicating a positive correlation with revenues.
- Gross Profit Margin Analysis
- The gross profit margin demonstrates a consistent improvement over time. Starting at just above 67% in early 2019, this margin gradually increases, surpassing 70% from mid-2020 onward and maintaining levels typically between 70% and 74%. The highest margins are observed in the second half of 2021, reaching close to 74%, suggesting improved cost efficiency or favorable product mix during these periods.
- Although there is a slight decline in margins during some quarters in 2022 and 2023, the margins remain robust and above 70%, implying the company maintained strong profitability relative to cost of goods sold despite some revenue volatility.
- Overall Financial Health Insights
- The data implies strong operational performance, with revenues and gross profits showing positive growth trends over the medium term. The consistent improvement and maintenance of gross profit margins above 70% indicates effective management of direct costs and suggests that the company is able to sustain profitability even during periods of revenue fluctuation.
- Periods of lower revenues in early to mid-2022 were met with resilience in gross profit margins, which only slightly declined, demonstrating operational stability. The recovery in revenue and gross profit in late 2022 and into 2023 further supports the view of a solid underlying business model capable of weathering short-term market variations.
Operating Profit Margin
Activision Blizzard Inc., operating profit margin calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Operating income | ||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q2 2023 Calculation
Operating profit margin = 100
× (Operating incomeQ2 2023
+ Operating incomeQ1 2023
+ Operating incomeQ4 2022
+ Operating incomeQ3 2022)
÷ (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The quarterly financial performance demonstrates variability in net revenues and operating income over the observed periods, with notable fluctuations aligning with specific quarters.
- Net Revenues
- Net revenues show significant seasonal and cyclical variation. The highest revenue points are observed in the fourth quarters, particularly in December 2019 and December 2020, indicating potential seasonal sales peaks. After peaking at $2,412 million in December 2020, there is a general decline through 2022, reaching a low of $1,644 million in June 2022. Revenues recover again in late 2022 and the first two quarters of 2023, reaching $2,383 million in March 2023, suggesting cyclicality or the impact of business activities ramping back up.
- Operating Income
- Operating income follows a somewhat correlated but less consistent pattern with net revenues. It peaks in September 2020 at $778 million and again has strong performance in June 2020 and September 2021. There is a distinct drop in operating income in the first half of 2022, bottoming at $338 million in June 2022, before recovering modestly by June 2023 to $583 million. This trend indicates operational challenges or increased costs during mid-2022, followed by improvement in subsequent quarters.
- Operating Profit Margin
- The operating profit margin demonstrates a generally upward trend from 2019 into late 2021, increasing from around 26% to over 37% in December 2021, reflecting improved operational efficiency or favorable cost management. However, starting in early 2022, this margin declines markedly, hitting a low of approximately 22% in December 2022 before a slight rebound to about 26% by June 2023. The decline in margin correlates with lower revenues and operating income in that period, suggesting cost pressures or changes in the business mix negatively affecting profitability.
Overall, the data reveals a pattern of strong performance culminating around late 2020 and 2021, followed by a period of decreased profitability and revenues in 2022. The modest recovery in early 2023 signals potential stabilization, but margins remain below peak levels observed previously. This pattern suggests external or internal factors impacting the firm's financial performance, with a need for close monitoring of cost structures and revenue drivers going forward.
Net Profit Margin
Activision Blizzard Inc., net profit margin calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||
| Net revenues | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q2 2023 Calculation
Net profit margin = 100
× (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ (Net revenuesQ2 2023
+ Net revenuesQ1 2023
+ Net revenuesQ4 2022
+ Net revenuesQ3 2022)
= 100 × ( + + + )
÷ ( + + + )
=
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several notable patterns and trends in the company's performance over the observed periods.
- Net Income
- The net income exhibits considerable volatility over the quarters presented. Initially, net income showed a declining trend from 447 million to 204 million US dollars between March and September of 2019, followed by a sharp recovery by the end of 2019. Throughout 2020, net income generally increased, reaching a peak of 604 million in September before experiencing some decline in subsequent quarters. In 2021, the company's net income again demonstrated variability, with a peak of 876 million in June, after which it trended downward. The year 2022 shows a declining trend initially, with a recovery towards the end of the year and into the first quarter of 2023. The latest figures for mid-2023 indicate an increase, suggesting partial recuperation.
- Net Revenues
- Net revenues also presented a fluctuating pattern. The initial quarters of 2019 saw a general decrease from 1,825 million to 1,282 million US dollars by September, followed by a significant jump by the end of the year. Revenue continued to grow through 2020 and early 2021, peaking in December 2020 at 2,412 million US dollars. In 2021, revenues remained relatively stable but showed some decline towards the latter part of the year. Throughout 2022, revenues decreased gradually, hitting a low in mid-year, but rebounded sharply by the end of 2022 and early 2023. The recent quarters exhibit moderately high revenue levels, slightly less than peaks seen in late 2020 and early 2021.
- Net Profit Margin
- The net profit margin demonstrated resilience despite fluctuations in net income and revenues. Starting near 24% in early 2019, it experienced a gradual upward trend into 2020, peaking close to 29% in the third quarter of that year. In 2021, margins stabilized around 29-30%, indicating an efficient conversion of revenue into profit during that period. The margin declined throughout 2022, reaching the lowest point of approximately 20% in the final quarter of the year. However, margins improved again in early 2023, rising above 24%, indicating partial recovery in profitability relative to revenues.
Overall, the financial data reflects a business experiencing cyclical fluctuations with periods of both growth and contraction in net income and revenues. Profit margins show relative strength, suggesting effective cost management during higher revenue periods, but with some erosion during downturns. The data indicates recovery trends beginning in the latter part of 2022 and continuing into 2023, highlighting potential stabilization and improved profitability.
Return on Equity (ROE)
Activision Blizzard Inc., ROE calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||
| Shareholders’ equity | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q2 2023 Calculation
ROE = 100
× (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ Shareholders’ equity
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- Net income showed notable variability across the reported periods. Initially, there was a decline from 447 million to 204 million US dollars in the first three quarters of 2019, followed by a rebound to 524 million by year-end 2019. Throughout 2020, net income experienced growth, peaking at 604 million in the third quarter before slightly dropping to 508 million in the final quarter. In 2021, net income generally increased reaching a high of 876 million in the second quarter but declined to 565 million by year-end. During 2022, net income saw a consistent downtrend, reaching a low of 280 million in the second quarter. The first two quarters of 2023 indicate recovery with net income rising again to 740 million and 587 million respectively.
- Shareholders’ Equity
- Shareholders’ equity demonstrated a steady upward trajectory throughout the entire period. Starting at 11,596 million US dollars in the first quarter of 2019, equity increased consistently each quarter, reaching 20,793 million by the second quarter of 2023. This reflects continuous capital accumulation and retained earnings growth over time, indicating a strengthening equity base for the company.
- Return on Equity (ROE)
- Return on equity fluctuated within a range of approximately 7.86% to 16.01% over the observed periods. It initially decreased from 15.18% to 11.74% in 2019 but recovered somewhat in 2020, peaking at 15.39% in the third quarter. The ROE was relatively stable and high throughout 2021, reaching its maximum value of 16.01% in the second quarter. However, beginning in 2022, ROE decreased significantly, falling to the lowest point of 7.86% in the fourth quarter of 2022. Early 2023 shows improvement, with ROE climbing to 10.41% by the second quarter. This pattern suggests that profitability relative to shareholders' equity weakened notably in 2022 before showing signs of recovery.
- Summary of Trends
- The company’s net income experienced cyclical fluctuations with periods of growth followed by contraction, particularly notable declines in 2019 and 2022. Shareholders’ equity consistently grew, indicating a solid foundation of financial strength and retained earnings accumulation. ROE mirrored net income trends but was more volatile, with strong profitability in 2020 and 2021, followed by a marked decline in 2022 and a recovery phase in 2023. Overall, the data indicates the company faced challenges affecting profitability in certain periods while maintaining strong equity growth throughout.
Return on Assets (ROA)
Activision Blizzard Inc., ROA calculation (quarterly data)
| Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||||||||||||||||||||
| Net income | ||||||||||||||||||||||||
| Total assets | ||||||||||||||||||||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | ||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Alphabet Inc. | ||||||||||||||||||||||||
| Comcast Corp. | ||||||||||||||||||||||||
| Meta Platforms Inc. | ||||||||||||||||||||||||
| Netflix Inc. | ||||||||||||||||||||||||
| Trade Desk Inc. | ||||||||||||||||||||||||
| Walt Disney Co. | ||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).
1 Q2 2023 Calculation
ROA = 100
× (Net incomeQ2 2023
+ Net incomeQ1 2023
+ Net incomeQ4 2022
+ Net incomeQ3 2022)
÷ Total assets
= 100 × ( + + + )
÷ =
2 Click competitor name to see calculations.
- Net Income
- The net income exhibits significant fluctuations over the analyzed periods. Initially, it started high at 447 million USD in the first quarter of 2019 and then showed a downward trend reaching a low of 204 million USD in the third quarter of 2019. This was followed by a substantial recovery, peaking at 604 million USD by the third quarter of 2020. Subsequently, the net income experienced some volatility but generally remained elevated compared to the early periods, with values ranging between 395 million USD and 876 million USD through 2021. In 2022 and 2023, net income saw mixed results with some quarters, such as the first quarter of 2023, showing an increase to 740 million USD, while others exhibited declines, with the lowest point at 280 million USD in the second quarter of 2022.
- Total Assets
- Total assets show a clear, steady upward trajectory throughout the entire period. Starting from 17,948 million USD in the first quarter of 2019, total assets gradually increased each quarter, reaching 28,518 million USD in the second quarter of 2023. This steady growth indicates ongoing asset accumulation and expansion of the asset base over time.
- Return on Assets (ROA)
- The ROA percentage generally fluctuates but displays some distinct trends. Initially, it was relatively high at 9.81% in the first quarter of 2019, followed by a gradual decline to approximately 7.57% by the fourth quarter of 2019. It then improved, peaking over 10% several times in 2020 and 2021, reaching the highest point at 11.06% in the second quarter of 2021. After this peak, ROA declined steadily through 2022, hitting a low around 5.53% in the fourth quarter of 2022, before showing signs of recovery in early 2023, rising back above 7% by mid-2023. This pattern suggests periods of increased profitability relative to the asset base, followed by downturns possibly connected to the fluctuations in net income and expanding assets.