{"id":61351,"date":"2022-07-28T09:25:54","date_gmt":"2022-07-28T07:25:54","guid":{"rendered":"https:\/\/www.tressis.com\/?p=61351"},"modified":"2022-07-28T09:56:11","modified_gmt":"2022-07-28T07:56:11","slug":"a-pesar-de-la-inflacion","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/a-pesar-de-la-inflacion\/","title":{"rendered":"A pesar de la inflaci\u00f3n"},"content":{"rendered":"<p>No pens\u00e9 que llegar\u00eda el d\u00eda, pero despu\u00e9s de muchos trimestres Microsoft public\u00f3 unos resultados ligeramente por debajo de las estimaciones de los analistas. Ya solo nos quedan los impuestos y la muerte como elementos inevitables en nuestras vidas. A\u00fan as\u00ed, como vamos a ver ahora, las cifras que present\u00f3 la compa\u00f1\u00eda fundada por Bill Gates siguen siendo extraordinarias, a\u00a0pesar\u00a0del impacto que est\u00e1 teniendo el d\u00f3lar en sus cuentas:<\/p>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center;\"><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/07\/a-pesar-de-la-inflacion-01.png\" alt=\"\" width=\"995\" height=\"413\" \/><\/div>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center; font-size:16px;\">Fuente: Microsoft.<\/p>\n<p>&nbsp;<\/p>\n<p>En realidad, Microsoft public\u00f3 las cifras que en junio avis\u00f3 que iba a sacar, cuando vari\u00f3 sus gu\u00edas por un d\u00f3lar m\u00e1s fuerte de lo esperado. Lo importante es que los segmentos cruciales del negocio contin\u00faan\u00a0creciendo a tasas muy altas (Azure\u00a0+40%, Office 365\u00a0+15%, Dynamics\u00a0+31% o LinkedIn\u00a0+26%). Pero claro, alguno se preguntar\u00e1, \u00bfc\u00f3mo es que no bate estimaciones y sube su cotizaci\u00f3n? El precio ha corregido un -26% desde m\u00e1ximos y el beneficio por acci\u00f3n no solo no va a caer, sino que va a seguir creciendo a doble d\u00edgito. Esa es nuestra apuesta\u00a0frente a la inflaci\u00f3n.<\/p>\n<p>&nbsp;<\/p>\n<p>Tambi\u00e9n present\u00f3 sus n\u00fameros Alphabet y, \u00a1oh, sorpresa!, tampoco consigui\u00f3 batir las estimaciones de los analistas. M\u00e1s all\u00e1 de lo acertados que puedan estar en sus vaticinios, las cifras de la matriz de Google nos dejan algunas conclusiones interesantes:<\/p>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center;\"><img decoding=\"async\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/07\/a-pesar-de-la-inflacion-02.png\" alt=\"\" width=\"692\" height=\"264\" \/><\/div>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<div style=\"text-align: center;\"><img decoding=\"async\" src=\"https:\/\/www.tressis.com\/wp-content\/uploads\/2022\/07\/a-pesar-de-la-inflacion-03.png\" alt=\"\" width=\"692\" height=\"337\" \/><\/div>\n<p>&nbsp;<\/p>\n<p style=\"text-align: center; font-size:16px;\">Fuente: Alphabet.<\/p>\n<p>&nbsp;<\/p>\n<ul>\n<li> La publicidad digital sigue creciendo a doble d\u00edgito (Google Search\u00a0+13%, Google Advertising +11,6%) a pesar de la m\u00e1s que evidente desaceleraci\u00f3n econ\u00f3mica y la fortaleza del d\u00f3lar.<\/li>\n<li> Google Cloud (+35%) \u2014al igual que hemos visto antes con Azure\u2014 goza de claros vientos de cola. El objetivo ahora es que logren monetizar como hacen en otras \u00e1reas.\u00a0YouTube es un buen ejemplo.<\/li>\n<li>El TAC (<i>traffic acquisition cost<\/i>) representa los gastos en los que incurre Google para obtener tr\u00e1fico calificado para la monetizaci\u00f3n. Pues bien, esta cifra ha aumentado menos de lo que lo han hecho los ingresos totales (+11% vs.\u00a0+13% ingresos).<\/li>\n<li>Han incrementado un\u00a0+20% el n\u00famero de empleados en un a\u00f1o, por lo que es l\u00f3gico que a partir de ahora se\u00a0ralentice\u00a0la contrataci\u00f3n.<\/li>\n<li>El beneficio neto se ve, de nuevo, impactado por la parte de <i>\u00abOther income (expense), net\u00bb<\/i>. Las variaciones en las participaciones que tiene Alphabet, incluidas sus propias acciones, hay que contabilizarlas en esta partida. Esto suele darnos una imagen irreal o poco clara a la hora de comparar diferentes periodos. Sin esta partida el beneficio neto del segundo trimestre de 2022 creci\u00f3 en t\u00e9rminos interanuales (16,441 millones de d\u00f3lares vs. 15,901).<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>Podr\u00edamos eternizar esto y seguir hablando del crecimiento del 28% en los ingresos de LVMH (Louis Vuitton), en un semestre marcado por los cierres perimetrales de China, pero tuvimos reuni\u00f3n de la Reserva Federal y merece tambi\u00e9n nuestra atenci\u00f3n. Tal y como se esperaba, la Fed subi\u00f3 75 puntos b\u00e1sicos los tipos de inter\u00e9s oficiales. Powell subray\u00f3 su compromiso con la estabilidad de precios, pero pareci\u00f3 evitar un tono excesivamente agresivo. Habl\u00f3 abiertamente de que otros 75 puntos b\u00e1sicos podr\u00edan ser apropiados para septiembre, aunque la decisi\u00f3n depender\u00e1 de los datos que tengan en ese momento. Nada nuevo. A la hora de responder a las preguntas sobre los peligros de una posible recesi\u00f3n, Powell insisti\u00f3 en la fortaleza del mercado laboral. No ser\u00e9 yo quien contradiga a la Fed, pero la tasa de desempleo no es un indicador adelantado precisamente.<\/p>\n<p>&nbsp;<\/p>\n<p>Por otro lado, el mercado inmobiliario contin\u00faa desinfl\u00e1ndose. El dato de ventas de viviendas existentes en EE.UU. sali\u00f3 mucho peor de lo esperado (-8,6% en junio vs. -1,5% esperado). Precios en m\u00e1ximos, tipos hipotecarios en m\u00e1ximos de 15 a\u00f1os, ventas cayendo e inventarios subiendo. No pinta bien.<\/p>\n<p>&nbsp;<\/p>\n<p>Feliz jueves.<\/p>\n<p>&nbsp;<\/p>\n<p><center><strong>V\u00edctor \u00c1lvarez Sanz<\/strong><br \/>\nAnalista<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"<p>No pens\u00e9 que llegar\u00eda el d\u00eda, pero despu\u00e9s de muchos trimestres Microsoft public\u00f3 unos resultados ligeramente por debajo de las estimaciones de los analistas. Ya solo nos quedan los impuestos y la muerte como elementos inevitables en nuestras vidas. A\u00fan as\u00ed, como vamos a ver ahora, las cifras que present\u00f3 la compa\u00f1\u00eda fundada por Bill [&hellip;]<\/p>\n","protected":false},"author":9,"featured_media":61362,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[9721],"tags":[159,8715,8717,8716,4256,8718],"class_list":["post-61351","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-morning-meeting","tag-alphabet","tag-azure","tag-google-advertising","tag-google-search","tag-microsoft","tag-youtube"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>A pesar de la inflaci\u00f3n<\/title>\n<meta name=\"description\" content=\"La publicidad digital sigue creciendo a doble d\u00edgito a pesar de la m\u00e1s que evidente desaceleraci\u00f3n econ\u00f3mica y la fortaleza del 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