Core Viewpoint - Block's recent quarterly performance has significantly deteriorated, with both revenue and profit growth declining and falling below market expectations [10] Group 1: Overall Performance - Block reported total revenue of $5.77 billion for Q1 2025, showing a year-over-year decline of 3.1%, which is below the market expectation of a 4.4% growth [1] - The core revenue growth, excluding Bitcoin trading, decreased from 10.8% in the previous quarter to 7.6%, also below the expected 10.5% [1] - Gross profit grew by only 9.3% year-over-year, a sharp decline from 14.1% in the previous quarter and below the market expectation of 10.9% [7] Group 2: Cash App Performance - Cash App's core revenue, excluding Bitcoin trading, only grew by 9.4% to $1.58 billion, falling into single-digit growth, significantly below the previous quarter's 14% growth [2] - The monthly active users of Cash App remained stagnant at around 57 million, with year-over-year growth dropping to 0% [3] - Cash inflow for Cash App grew by only 8%, down from 12% in the previous quarter, indicating a slowdown in user engagement [4] Group 3: Square Performance - Square's revenue grew by 7.1% year-over-year, which is a slight slowdown from 8.7% in the previous quarter, while market expectations were for a growth of 9.6% [4] - Total payment volume processed through Block's ecosystem was $56.8 billion, with a year-over-year growth rate of only 4.5%, a significant drop from 7.7% in the previous quarter [5] - Payments through Cash App experienced a year-over-year decline of 32%, highlighting the struggles of Cash App Pay [5] Group 4: Profitability and Cost Management - The operating profit for the quarter was $330 million, which was about 9% lower than market expectations [7] - Marketing expenses increased by nearly 14% year-over-year, outpacing revenue and gross profit growth, indicating pressure on profitability [7] - Despite efforts to cut costs, including layoffs of about 8% of employees, there has been no significant improvement in profitability metrics [7] Group 5: Guidance and Future Outlook - Block's guidance for the next quarter indicates a gross profit of $2.45 billion, growing by only 9.5%, which is below the market expectation of $2.53 billion [8] - The full-year gross profit growth guidance has been lowered from 15% to 12%, suggesting limited growth acceleration in the latter half of the year [8] - The overall market sentiment has been negatively impacted by the disappointing performance and lowered guidance, leading to a significant drop in stock price [10]

多邻国于美东时间 5 月 2 日盘前发布了 2025 年第一季度的业绩。得益于年初的 "Dead Duo" 全球性的社媒营销活动，多邻国的增长活力被快速激发，一扫上季度 利润阴霾，收获了一份几乎全面超预期的成绩单。 业绩核心要点： 1. 社媒营销永远是 "杀手锏"： 一季度多邻国策划了一场营救 Duo 的全球营销活动 "Dead Duo"，激活了大量睡眠老用户，使得单季月活达到 1.3 亿， 相比上季度 净增 1300 万用户，这个增量抵得上过往半年的水平。 4. 人均付费提升空间并不小： 一季度计算得来的订阅 ARPPU 同比增长 1.7%，虽然增幅依旧很小，但连续两个季度逆转， 可能是高客单价的 MAX 在订阅用户中 的渗透率从上季度的 5% 提升到 7% 推动而来，用户规模从 45 万增长至 72 万人。 目前多邻国和 Spotify、Netflix 一样，对不同地区定价不同。但并非完全按照当地 GDP 以及人均收入，也会结合当地的全民教育意愿。比如中国并未含有太多折价 （仅 3%~5%），哪怕中国人均 GDP 明显低于北美。 而给到最高折扣的，反而还包括人口最多的印度。这里可能是考虑到当地教育资源门槛 ...

以下为$Palantir Tech.US 2025 年一季度业绩电话会纪要，财报点评可参考《 Palantir："DOGE+ 关税" 双刀齐上，AI 信仰会跌落神坛吗？ 》 一、重要财务指标 | | | | | | | Palantir (PLTR.N) Financial Results | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (USD in millions) | 3Q23A | 4Q23A | 1Q24A | 2Q24A | 3Q24A | 4Q24A | 1Q25A | 2Q25e | Consensus | Diff(%/pct) | 25' outlook 25' Consensus | | | Hightlights | | | | | | | | | | | | | | Reveneue | ર્ટક | ୧୦୫ | 634 | 678 | 726 | 828 | 884 | | 863 | 2.4% beat | 3890~3902 | 37 ...

得益于特朗普对虚拟货币市场的再造之恩，美国零售券商罗宾汉$Robinhood.US（下简称 HOOD）2025 年又上台桌，火了一把。 而从海豚君的角度，要透过业绩去理解的是，HOOD 有多少是持续性的业绩提升，有多少是市场资产牛带来的周期红利。具体看一下： 一）Crypto 是炸子鸡，期权是压舱石 交易类收入如下： 1）虚拟资产：还是炸子鸡，但后劲转弱。 虽然虚拟资产 2025 年前三个月的交易额已经从巅峰大幅滑落，但 HOOD 当下的虚拟资产收入，其实是交易额和变现率 的双轮驱动：一季度虚拟资产交易额增速同比放缓到了 28%，但变现率同比角度还维持在相对高位。 虚拟资产收入 2.5 亿美金，虽然环比下滑，但仍然是 HOOD 最大的单项收入来源，贡献了接近 30% 的总收入。 无论是交易额（HOOD 已按月提前公布），还是本季度财报中所展示的变现率都在高位，这也带动了期权收入从 2.2 亿美金进一步拉升到了 2.4 亿美金，成为交易 业务三大支柱中唯一环比正增长的业务。 2）期权业务定心石： 作为交易业务收入的另一顶梁柱——期权表现其实比整 蛊 交易和虚拟资产都更为稳定，这也可能与一季度资产高波动有关。 当 ...

Overall Performance - AMD reported Q1 2025 revenue of $7.44 billion, a year-over-year increase of 35.9%, exceeding market expectations of $7.1 billion. The growth was primarily driven by the client and data center businesses [1][14] - The company achieved a net profit of $710 million, with a core operating profit of $1.12 billion, reflecting a 170% year-over-year increase [1][23] - Gross profit reached $3.74 billion, up 45.9% year-over-year, with a gross margin of 50.2%, slightly below market expectations of 52.2% [1][16] Business Segments Client Business - The client business revenue grew to $2.29 billion, a 67.7% year-over-year increase, significantly outperforming the global PC market, which saw a 5% increase in shipments [2][35] - AMD's market share in the desktop segment has surpassed Intel, contributing to the strong growth in the client business [7][40] Data Center Business - Data center revenue reached $3.67 billion, a 57.2% year-over-year increase, driven by sales of AMD Instinct GPUs and EPYC CPUs [2][28] - AMD's CPU market share in the data center has increased from around 10% to over 20%, although GPU sales have seen a slight decline due to anticipation of new product launches [7][29] Future Guidance - For Q2 2025, AMD expects revenue between $7.1 billion and $7.7 billion, which includes a $700 million impact from export restrictions on the MI308 product [3][6] - The company anticipates a non-GAAP gross margin of approximately 43%, which could improve to around 54% if the impact of sales license restrictions is excluded [4][6] Market Dynamics - The overall cloud market capital expenditure from major cloud providers reached $78.3 billion, a 64.4% year-over-year increase, indicating strong demand but also highlighting AMD's need to capture more market share [32] - AMD's gaming business saw a revenue decline of 29.8% year-over-year, attributed to reduced sales of semi-custom products despite growth in Radeon graphics card sales [41] Long-term Outlook - AMD is gradually establishing a competitive advantage in the CPU market, continuously gaining market share from Intel, which is expected to contribute positively to future earnings [9] - The company is focusing on AI GPU products, with significant expectations for the upcoming MI350 and MI400 series, which could enhance its competitive position against NVIDIA [9][34]

Palantir于美东时间5月5日盘后发布了2025年一季度的业绩。整体来看，一季度业绩超预期，虽然不如上季度惊艳，但短中期的高增长趋势并未打破，二季度指引 以及全年指引均优于机构预期。 不过高估值下市场容忍度也在降低。财报前无视关税和DOGE的影响，市值创新高已经逼近3000亿，隐含25年EV/Sales 75倍。因此，除了对"不够惊艳"的挑剔外， 一季度代表中长期增长潜力的国际商业市场收入首次出现同比下滑，恐怕是引发财报后市场反馈不佳的主要原因。 具体来看财报核心信息： 1. 政府效 率年的影响还未体现： 一季度美国政府收入同比增长45%，相比四季度小幅扩张，算是略微打消了财报前部分资金对政府收入增长的担忧。政府收支官 方网站上，一季度Palantir被授予的合同规模确实增速环比下降， 但从往年情况来看，短期季节间的波动并不能说明什么。 Palantir前两月的深度调整，主要源于政府DOGE的影响，2月国防部长更是扔下了一枚炸弹：未来国防部门开支将每年减少8%。市场立即对美国政府收入占比高达 40%以上的Palantir，引发了收入增长的担忧。 但国防部长后面还有半句话： 集中投资高ROI领域。 而Pal ...

Core Viewpoint - Qualcomm reported a total revenue of $10.98 billion for Q2 FY2025, exceeding consensus estimates by 3.26% [1][2]. Financial Performance - Total Revenue: $10.98 billion, with a year-over-year decline of 16.9% [1]. - Gross Profit: $6.04 billion, with a gross margin of 55.0% [1]. - Net Income (GAAP): $2.81 billion, representing a net profit margin of 25.6% [1]. - Non-GAAP EPS: $2.85 [3]. - QCT (Qualcomm CDMA Technologies) revenue reached $9.47 billion, while QTL (Qualcomm Technology Licensing) revenue was $1.35 billion [4]. Growth Highlights - Automotive and IoT business revenues grew by 59% and 27% year-over-year, respectively [5]. - The company returned $2.7 billion to shareholders, including $938 million in dividends and $1.7 billion in stock buybacks [6]. Technology and Product Developments - Launched the x85 5G platform, expected to be applied in smartphones, automotive, and IoT products in the second half of the year [7]. - Over 90 flagship models featuring Snapdragon 8 Elite have been launched by Android OEMs [7]. - In the AI PC sector, over 85 designs are in production or development, targeting over 100 designs by 2026 [7]. - Collaborated with Meta and Google to advance XR business, with over 15 smart glasses designs in development [8][9]. - Partnered with Palantir for industrial IoT advancements [10]. Financial Outlook - For Q3 FY2025, non-GAAP revenue is expected to be between $9.9 billion and $10.7 billion, with non-GAAP EPS projected between $2.60 and $2.80 [14]. - QTL revenue is anticipated to be between $1.15 billion and $1.35 billion, while QCT revenue is expected to be between $8.7 billion and $9.3 billion [15][16]. - Mobile business is projected to grow approximately 10% year-over-year, with IoT and automotive businesses expected to grow around 15% and 20%, respectively [17]. Acquisition - Qualcomm announced the acquisition of Edge Impulse, a leading edge AI development platform, enhancing its capabilities in various applications [18].

Overall Performance - Qualcomm reported revenue of $10.98 billion for Q2 FY2025, a year-over-year increase of 16.9%, exceeding market expectations of $10.63 billion [1][11] - The net profit for the quarter was $2.81 billion, up 20.9% year-over-year, also better than the market forecast of $2.72 billion [1][22] - Gross margin for the quarter was 55%, down 1.3 percentage points from the previous year, which was below market expectations of 55.5% [1][14] Business Segments - The QCT (Qualcomm CDMA Technologies) segment remains the largest revenue source, accounting for 86.2% of total revenue, with significant contributions from mobile, automotive, and IoT businesses [1][25] - Mobile business revenue reached $6.93 billion, a 12.1% increase year-over-year, primarily driven by increased market share in high-end Android devices, particularly the Samsung S25 series [1][28] - Automotive business revenue grew by 59% year-over-year to $960 million, marking the fastest growth among all segments, supported by demand for digital cockpit solutions [1][32] - IoT business revenue was $1.58 billion, up 27.2% year-over-year, indicating a recovery with growth across consumer electronics and industrial applications [1][35] Guidance and Market Outlook - For Q3 FY2025, Qualcomm expects revenue between $9.9 billion and $10.7 billion, which reflects a potential decline from the previous quarter [2][4] - The overall smartphone market remains weak, with global shipments showing only a 1.5% increase, indicating continued challenges for Qualcomm's mobile segment [1][30] - Concerns exist regarding potential revenue impacts from Apple's self-developed 5G modem chips and ongoing negotiations with Chinese clients for licensing agreements [5][6]

Core Viewpoint - Airbnb's Q1 2025 financial results indicate a significant slowdown in core operating metrics, with total gross booking value (GBV) at $24.5 billion, reflecting only a 7% year-over-year growth, marking the first time post-pandemic growth has dipped below 10% [1][2][8] Group 1: Key Operating Metrics - Total nights booked increased by only 7.9% year-over-year, with a notable sequential decline of 6.4 percentage points [1][2] - The average daily rate (ADR) decreased by approximately 0.9%, marking the first decline since Q4 2022, primarily due to currency exchange rate impacts [2][3] Group 2: Regional Performance - North America experienced the most significant demand weakness, with night bookings growing by only low single digits. Excluding North America, overall night growth could reach 11% [2][3] - South America and Asia-Pacific regions showed robust growth, with night bookings increasing by over 20% and around 15%, respectively, driven by contributions from Mexico and Japan [2][3] Group 3: Revenue and Monetization - Revenue for the quarter was $2.27 billion, a 6.1% year-over-year increase, but this growth lagged behind GBV growth [2][3] - The take rate declined for the fourth consecutive quarter, down 8 basis points year-over-year, indicating a bottleneck in monetization capabilities [3][4] Group 4: Profitability and Costs - Despite increased investments in new business initiatives, profitability continued to shrink, with adjusted EBITDA margin declining by approximately 1.4 percentage points to 18.4% [5][6] - Marketing and product development expenses rose by 8% and 17% year-over-year, respectively, outpacing revenue growth and contributing to the decline in profit margins [5][6] Group 5: Future Guidance - For Q2 2025, the company projects a revenue midpoint of $3.02 billion, implying a 10% year-over-year growth, although this includes a favorable impact from the timing of Easter [6][8] - The company anticipates a slight further slowdown in night bookings growth and a stable ADR, with adjusted EBITDA expected to remain flat or slightly decline year-over-year [6][8]

Core Viewpoint - Microsoft's Q3 FY2025 earnings report showed accelerated revenue growth and continued profit margin expansion, contrary to market expectations of a slowdown [1][9][10] Azure Business Performance - Azure revenue grew by 33% year-over-year, with a constant currency growth rate of 35%, exceeding market expectations of flat growth [1][18] - AI demand contributed 16 percentage points to Azure's growth, marking the largest quarterly increase since Q2 FY2024 [2][21] - Traditional non-AI business demand was stronger than anticipated, with a growth rate of 17%, surpassing the expected 14.7% [2][21] Microsoft 365 Performance - Microsoft 365 Commercial Cloud revenue increased by 12%, with a constant currency growth of 15%, primarily affected by currency headwinds [3][23] - Subscription seat count for commercial M365 grew by 7%, driven by small and medium enterprises [3][26] - Copilot's contribution to revenue growth was less significant than expected, indicating it has not yet become a major revenue driver [3][28] Capital Expenditure (Capex) - Actual Capex for the quarter was $21.4 billion, slightly down from the previous quarter, reflecting a more cautious investment approach [4][41] - Management indicated that Capex would increase in Q4, maintaining guidance for continued growth in FY2026, albeit at a slower rate [4][41] Leading and Lagging Indicators - New enterprise contract signings grew by only 18%, a significant drop from the previous quarter's 67% growth, suggesting potential caution in IT spending [5][43] - The backlog of unfulfilled contracts grew by 34% year-over-year, but the portion expected to be recognized within 12 months only grew by 17% [5][43] Profitability and Cost Management - Gross margin for the quarter was 68.7%, slightly down from the previous year but better than expected [6][46] - Total expenses grew by only 2.4%, indicating effective cost control that helped maintain profit margins despite high Capex [6][47] - Operating profit increased by 16% year-over-year, outpacing revenue growth [6][48] Future Guidance - Guidance for Q4 indicates revenue growth of 13.9% and operating profit growth of 14.4%, suggesting continued positive momentum [7][46] - Azure's growth is expected to remain between 34% and 35%, while commercial M365 growth is projected at 14%, indicating potential challenges for Copilot [7][46]