she just conducted that interview with sergio ermotti. carolyn, the shares this morning have really whipsawed around. we're now trading sharply lower for ubs. how do you explain the share price reaction this morning. >> look to be. >> honest, giuliana. >> good morning to you. i think. most of that will. >> be profit taking. >> deutsche bank out with a really interesting note this morning saying that shares of very richly valued. they're pricing in a lot of the expected future profitability here and shares giuliana have had a really good run so far this month. yesterday we saw the big declines in line with the market, but overall shares up by double digits more than 15%. so i'm sure there is a degree of profit taking here because numbers by and large were better than expected. we're seeing the profit before tax $1 billion. the net profit $0.8 billion. that was better than expected too. on top of that, you've got the higher than expected divi announcement and the share buyback program that has been flagged for 2025 of $3 billion. >> there i

i have the next hour we will hear from the ubs ceo sergio ermotti on today's earnings from the swiss lender. we will be speaking to the ceo of dassault systems reporting fourth-quarter earnings.and we will speak exclusively to the ceo. get his response to the earning story and how that positions the company going forward. this is bloomberg. ♪ tom: happy tuesday. to the earning story with a focus on the software conglomerate that is dassault systemes, based in france, reporting fourth-quarter earnings. topline in terms of fourth-quarter revenue coming in slightly below estimates, 1.7 5 billion euros, the estimates had been 1.7 6 billion in the fourth quarter. the outlook for 2025 basie revenues, sfx impacts up between 6% to 8%, and on margins for 2025 these the operating margins of between 32.6% to 32.9%, some top lines coming through from dassault systemes. we will be speaking now to the ceo of that company. please you say that pascal daloz joins us live from paris. let's start with your assessment of how these armies position the company for growth in 2025. pascal: we are pleased wi