Group 1: Alphabet (GOOGL.O) - The company maintains a buy rating despite facing competition from Apple's AI search engine, with expectations for AI search transformation driven by Gemini model and AI Overviews feature [1] - Long-term commercialization potential remains promising, although short-term impacts are anticipated [1] - Risks include intensified CSP competition, AI search effects on traditional business, and potential antitrust implications [1] Group 2: BeiGene (ONC.O) - The company retains a buy rating with a target price of $359, driven by strong sales of its core product zanubrutinib and a growing market share [1] - BeiGene has achieved quarterly GAAP profitability for the first time and has a rich pipeline with several projects expected to reach significant milestones by 2025 [1] Group 3: Datadog Inc-A (DDOG.O) - The company maintains an outperform rating with a target price of $133, reporting a 25% year-over-year revenue growth in Q1 FY2025 [2] - Non-GAAP net profit increased by 4.8%, with contributions from AI-native customers and ongoing investments in R&D and marketing [2] - Risks include macroeconomic disturbances in the U.S., subscription renewal expectations, and AI development uncertainties [2] Group 4: DoorDash (DASH.O) - The company holds a buy rating with a target price of $217, despite Q1 FY2025 results being slightly below expectations [3] - Acquisitions of Deliveroo and SevenRooms are expected to strengthen its position in the European market and create synergies with Wolt [3] - Increased grocery sales and reduced insurance costs are anticipated to enhance profitability [3] Group 5: Duolingo (DUOL.O) - The company maintains a buy rating with a target price of $570, reporting a 38% year-over-year revenue increase in Q1 FY2025 [4] - Net profit reached $35.1 million, exceeding expectations, with record user growth and significant increases in daily and monthly active users [4] - Duolingo Max is driving subscription growth, with projected annual revenue growth of 28.4% to 29.4% [4] Group 6: Advanced Micro Devices (AMD.O) - The company has mixed ratings, with hold and buy ratings from different analysts, target prices ranging from $120 to $149 [6][7] - Despite challenges from new export controls affecting GPU revenue, strong client business and data center demand are compensating for losses [6] - The launch of MI400 in 2026 is expected to drive GPU growth, with current stock price indicating a potential upside of 21.7% [6] Group 7: Meta Platforms (META.O) - The company maintains an outperform rating with a target price of $720, based on strong Q1 FY2025 revenue and net profit exceeding expectations [9] - High net profit margins and robust advertising business highlight competitive advantages, alongside increased investments in AI infrastructure [9] - Risks include intensified industry competition and potential delays in AI advancements [9] Group 8: Celsius Holdings (CELH.O) - The company holds a hold rating with a target price of $40, despite Q1 FY2025 revenue and EPS falling short of expectations [10] - The acquisition of Alani Nu is expected to enhance sales growth and valuation, with improved gross margins anticipated from production and procurement efficiencies [10] - Risks include brand loyalty challenges, increased competition, and acquisition integration issues [10] Group 9: Luckin Coffee (LKNCY.F) - The company maintains an outperform rating with a target price of $41, with upward revisions to GAAP net profit forecasts for 2025-2027 [11] - Strong growth in revenue and profit in Q1 FY2025, accelerated store openings, and improved same-store sales performance are noted [11] - Risks include potential underperformance in store openings and same-store sales, alongside soft consumer demand [11]

Financial Data and Key Metrics Changes - In Q1 2025, the company added over 6,000 net locations, with total locations reaching approximately 40,000, a 25% year-over-year increase [9][28] - Recurring gross profit streams grew 37% year-over-year, with adjusted EBITDA increasing to $133 million and GAAP operating income at $43 million [9][26] - Annual Recurring Revenue (ARR) grew 31%, while total FinTech and subscription gross profit increased by 37% year-over-year [26][27] - Subscription revenue rose by 38%, and gross profit grew by 45%, benefiting from improved ARR to revenue conversion [29] - Payments ARR grew 31%, with Gross Payment Volume (GPV) at $42 billion, a 22% year-over-year increase [30] Business Line Data and Key Metrics Changes - The company reported a 5% increase in SaaS Average Revenue Per User (ARPU) on an ARR basis [29] - Non-payment fintech solutions, particularly Toast Capital, contributed $47 million in gross profit, with solid growth in originations [31] - Operating expenses, excluding bad debt and credit-related expenses, increased by 12%, primarily due to a 25% rise in sales and marketing expenses [32] Market Data and Key Metrics Changes - The company is on track to cross 10,000 locations across international, food and beverage retail, and enterprise in 2025 [16] - The company continues to see strong momentum in international markets, with guest attached doubling over the past year for recent locations [19] Company Strategy and Development Direction - The company aims to scale locations and market share in the U.S. restaurant business while demonstrating that new markets can drive material growth [11][16] - The focus is on increasing customer adoption of the platform and driving differentiation through data and AI [20] - The company plans to continue investing in high-priority areas while gradually expanding margins [23] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating the macro environment, noting stable consumer trends and strong sales productivity [49][51] - The company raised its full-year outlook based on strong Q1 performance and momentum heading into Q2 [34][28] - Management remains optimistic about the resilience of restaurants in a dynamic macro environment [27][78] Other Important Information - The company achieved a 32% adjusted EBITDA margin, exceeding medium-term margin goals [33] - Free cash flow for Q1 was $69 million, with expectations to mirror adjusted EBITDA for the full year [33] Q&A Session Summary Question: Discussion on payback periods for large enterprise wins - Management highlighted that enterprise deals, like Applebee's, have attractive payback periods due to large ARR booked [41] Question: Insights on macro trends and same-store sales - Management noted that same-store sales and consumer trends remain stable, contributing to confidence in future net adds [49][51] Question: Update on AI solutions rollout - Management indicated that AI solutions like Sous Chef and ToastIQ are still early in development but show promising early results [57][63] Question: Impact of tariffs on hardware costs - Management stated that incremental costs from tariffs are manageable and reflected in guidance, with a diversified supply chain reducing reliance on China [114][115] Question: Location growth algorithm and market share - Management confirmed that the share between new and existing locations remains balanced, with core business being the primary growth engine [118]

Financial Data and Key Metrics Changes - In Q1 2025, the company added over 6,000 net locations, with total locations reaching approximately 40,000, a 25% year-over-year increase [6][22] - Recurring gross profit streams grew 37% year-over-year, with adjusted EBITDA increasing to $133 million and GAAP operating income at $43 million [6][22] - Annual Recurring Revenue (ARR) grew 31%, with SaaS ARR increasing by 32% year-over-year [22][24] - Total gross payment volume (GPV) was $42 billion, growing 22% year-over-year, although GPV per location decreased by 3% [26] Business Line Data and Key Metrics Changes - Subscription revenue increased by 38%, and gross profit grew by 45%, benefiting from improved ARR to revenue conversion [24][25] - Payments ARR grew 31%, while fintech gross profit increased by 32% in Q1 [26] - Non-payment fintech solutions, particularly Toast Capital, contributed $47 million in gross profit, with solid growth in originations [27] Market Data and Key Metrics Changes - The company is deepening its penetration in the core U.S. market while also expanding into new geographies and verticals [7][22] - International markets are expected to cross 10,000 locations in 2025, with strong momentum in customer adoption [13][16] - Customer sentiment remains strong, with the average gross profit per location in international markets being higher than industry averages [59] Company Strategy and Development Direction - The company aims to scale locations and market share in the U.S. restaurant business while demonstrating that new markets can drive material growth [8][12] - Focus on increasing customer adoption of the platform and driving differentiation through data and AI [16][18] - The company plans to continue investing in high-priority areas while gradually expanding margins [19][30] Management's Comments on Operating Environment and Future Outlook - Management remains confident in navigating the macro environment, with stable consumer trends observed [22][43] - The company has raised its full-year outlook based on strong Q1 performance and anticipates record net adds in Q2 [8][30] - Management is prepared to manage costs effectively in the event of a recession while continuing to invest in growth [72][73] Other Important Information - The company repurchased $17 million in shares in Q1 and expects free cash flow to broadly mirror adjusted EBITDA for the full year [29][30] - The company is focused on building an AI-first culture to enhance customer impact and drive future monetization [57][92] Q&A Session Summary Question: Can you discuss the payback periods on large enterprise wins like Applebee's? - Management expressed excitement about the Applebee's deal, noting that payback periods for enterprise deals are attractive due to large ARR booked [33][36] Question: How is the macro environment affecting same-store sales and new business formation? - Management indicated that same-store sales remain stable and new business formations are also stable, contributing to confidence in future net adds [42][43] Question: What is the strategy regarding pricing in the current macro environment? - Management emphasized a balanced approach to pricing, focusing on ARR growth while being mindful of customer needs during economic fluctuations [47][48] Question: Can you provide an update on the rollout of AI solutions like Sous Chef and Toast IQ? - Management stated that it is early in the rollout process, but they are focused on driving customer impact and expect monetization to follow over time [51][57] Question: How is the company managing costs in light of potential tariff impacts? - Management noted that incremental costs from tariffs are manageable and that they have diversified their supply chain to mitigate risks [110][112] Question: What is the outlook for location growth and market share? - Management indicated that the core business continues to drive the majority of growth, with new segments expected to contribute more over time [115][102]

Core Business Performance - DoorDash's core business continues to show strong growth momentum, with adjusted EBITDA exceeding expectations by 4% in Q1 2025 and guidance for Q2 being 5% above market expectations [2] - Morgan Stanley noted no signs of macroeconomic weakness in DoorDash's financial report, indicating a healthy user base and improving profitability as scale increases [2] - The firm projects that DoorDash's total order value (GOV) and adjusted EBITDA will grow by 1% and 2%, respectively, by 2026 [2] Acquisition Strategy - DoorDash plans to acquire the smaller, slower-growing UK delivery platform Deliveroo for $3.9 billion, which has sparked market discussions [3] - Deliveroo is performing well in the UK market, particularly in London, with an expected adjusted EBITDA of $540 million by 2025, representing a significant portion of its global adjusted EBITDA [3] - The integration and growth strategy post-acquisition, including leveraging UK profits for global expansion and improving profitability outside London, are key areas of focus [3] - Additionally, DoorDash announced a $1.2 billion acquisition of restaurant CRM platform SevenRooms to enhance merchant services and expand restaurant sales [3] Competitive Landscape and Industry Impact - Uber Eats is the main competitor to Deliveroo in the UK and France, growing at approximately twice the rate of Deliveroo [4] - Morgan Stanley emphasizes the importance of how DoorDash will optimize investments and strategic focus post-acquisition to enhance competitiveness and sustain cash flow growth [4] - Both DoorDash and Uber have made significant acquisitions recently, reducing the likelihood of further consolidation in the US online grocery sector [4]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _____________________________________ FORM 10-Q _____________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-39759 ___________________________ ...

DoorDash (DASH) reported first-quarter 2025 earnings of 44 cents per share against the year-ago quarter’s loss of 6 cents per share. The figure beat the Zacks Consensus Estimate by 10%.Revenues increased 20.7% year over year to $3.03 billion but lagged the consensus mark by 1.96%. The net revenue margin was 13.1% flat year over year, but down 10 basis points (bps) sequentially.DASH’s Q1 DetailsIn the first quarter of 2025, total orders increased 18% year over year to 732 million. The figure beat the Zacks C ...

Group 1 - Alphabet Inc. (GOOGL) shares fell by 2.49%, reaching a new daily low [1] - Apple Inc. (AAPL) shares experienced a short-term decline, with the company's vice president announcing a drop in its browser search business and discussing AI search [1] - The Nasdaq 100 index turned negative, with notable declines in component stocks such as Marvell Technology (-11.1%), DoorDash (-4.75%), and CrowdStrike (-4.74%), while Alphabet A shares ranked fourth from the bottom [1] Group 2 - Marvell Technology Inc. shares decreased by 6.83% to $54.39 [3] - DoorDash Inc. shares dropped by 9.04% to $181.08 [3] - CrowdStrike Holdings Inc. shares fell by 21% to $422.21 [3] - Alphabet Class A shares declined by 5.78% to $157.45, while Class C shares decreased by 5.5% to $159.70 [3] - Other notable declines included AppLovin Corp. (-9%), Vertex Pharmaceuticals (-12.53%), and Diamondback Energy (-3.64%) [3]

Core Insights - DoorDash Inc. reported Q1 earnings of $0.44 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, compared to a loss of $0.06 per share a year ago [1] - The company generated revenues of $3.03 billion in Q1, missing the Zacks Consensus Estimate by 1.96%, but showing a 20% year-over-year increase [2] - The total value of orders on DoorDash's marketplace grew 20% year-over-year to $23.1 billion, surpassing estimates of $22.9 billion [2] - DoorDash's guidance for adjusted EBITDA was projected at $625 million, below previous forecasts of $639 million, leading to a decline in stock price by approximately 7.4% on May 6 [3][4] Acquisitions and Market Expansion - DoorDash is acquiring SevenRooms for $1.2 billion, aiming to integrate its CRM and guest experience tools into DoorDash's "Commerce Platform" [5] - The company has also agreed to a takeover of Deliveroo, valued at £2.9 billion ($3.9 billion), which will expand its operations to over 40 countries [5][6] - Analysts view the Deliveroo acquisition positively due to limited market overlap, which may alleviate regulatory concerns and enhance growth opportunities [6] Valuation and Investment Considerations - The average valuation of companies in the S&P 500 is 20 times annual earnings, while FTSE 100 companies are valued at just 12 times earnings, indicating a favorable valuation for the Deliveroo deal [7] - DoorDash shares are considered overvalued, trading at a trailing P/E ratio of 44, significantly higher than the Internet – Services industry average [12] - Investors may consider exchange-traded funds (ETFs) to mitigate company-specific risks, with DoorDash having exposure to ETFs like PEJ, FPX, and PBJ [13][14]

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report presents a comprehensive overview of the overnight market trends across various sectors, including domestic and international commodity futures, financial markets, and macro - economic news. It shows that market movements are influenced by factors such as trade policies, central bank decisions, and supply - demand dynamics. Summary by Category Overnight Market Trends - Domestic commodity futures night - session mostly rose, with energy - chemicals generally up (e.g., asphalt up 2.42%, PTA up 2.11%), black - series mixed, agricultural products mixed, base metals mixed, and precious metals up (e.g., COMEX gold up 3.60%) [2][55] - International oil prices soared, with WTI up 3.27% and Brent up 3.01%, due to digested OPEC+增产预期 and API inventory decline [3][58] - London base metals mostly rose, affected by global economic policy and supply - demand adjustments [3][58] - CBOT agricultural futures mostly rose, except for soybeans down 0.48% [6][59] Macro - economic News - April's Caixin China manufacturing PMI was 50.4, down 0.8 points from last month, and services PMI fell 1.2 points to 50.7 [8] - The global manufacturing PMI in April was 49.1%, down 0.5 points from last month, indicating increased global economic downward pressure [8] - The US trade deficit in March widened 14% to a record $1405 billion [13][42] Energy and Chemical Futures - Saudi Arabia's price - war strategy may be less effective due to global economic deterioration [15] - Chinese domestic photovoltaic glass kiln capacity increased, reaching 125650 tons per day [18] - Kazakhstan is committed to OPEC+ agreements [19] - The EU plans to stop Russian gas imports by 2027 [19] Metal Futures - SMM seven - region zinc ingot inventory increased to 8.41 tons as of May 6 [21] - Australian lithium concentrate shipments to China rose in late April, and May shipments are expected to be 32 - 38 tons [21] Black - series Futures - Australian and Brazilian major port iron ore inventories reached 1316.8 tons from April 28 - May 4, up 58 tons [23] Agricultural Futures - China's soybean imports are expected to be 1200 tons in May and 1100 tons in June, improving domestic supply [26] - US soybean crushing profit was $2.16 per bushel as of May 2, down 5.3% from a week ago [26] - Malaysian palm oil production increased in April and early May [26][27] - The global cotton market outlook is pessimistic, with production exceeding consumption [27] Financial Markets A - shares - After the May Day holiday, A - shares rose, with the Shanghai Composite Index up 1.13%, and over 4900 stocks rising [33] - Some A - share companies were put under risk warning, and some were investigated for late annual report disclosure [36] - CATL passed the HKEX hearing for a Hong Kong listing [36] Hong Kong Stocks - The Hang Seng Index rose 0.7%, and south - bound capital had a net purchase of HK$134.75 billion [33] Overseas Markets - US stocks fell, European stocks were mixed, and Asia - Pacific stocks were mostly stable [48][49] - Google may be required to sell its advertising platforms, and Tesla's European sales declined [49] - DoorDash will acquire Deliveroo for $38.5 billion [50] Commodity Markets - EU plans to end Russian energy dependence by 2027 [59] - India's central bank gold reserves reached 879.59 tons by March, with a 11.7% share in foreign exchange reserves [59] - US API crude inventory decreased by 449.4 barrels last week [60] Bond Markets - The central bank conducted 4050 billion yuan in reverse repurchases on May 6, with a net withdrawal of 6820 billion yuan [63] - Domestic bond futures mostly fell, and international bond yields showed different trends [63][64] - Global debt reached a record $324 trillion in Q1 2025 [64] - Apple issued $45 billion in bonds [64] Foreign Exchange Markets - The on - shore RMB against the US dollar rose 463 points on May 6, and the future trend depends on Sino - US talks and the dollar [67] - The Hong Kong dollar triggered the strong - side convertibility guarantee twice on May 6, and the HKMA injected HK$127.88 billion [67] - The US dollar index fell 0.53% in New York trading [68] Upcoming Events - Multiple financial and corporate events are scheduled, including central bank rate decisions (Fed, Brazil), company earnings announcements, and a national leader's visit [71]

Mergers and Acquisitions - OpenAI plans to acquire Windsurf for approximately $3 billion, marking its largest acquisition to date aimed at enhancing its technological capabilities in the AI sector [2] - Intel is selling 51% of its stake in Altera to Silver Lake for an estimated valuation of $8.75 billion, as part of its strategy to improve its balance sheet [3] - Harman International is acquiring Masimo's audio business for $350 million, with the deal expected to close by the end of the year [4] - Infosys has reached a final agreement to acquire The Missing Link, an Australian cybersecurity firm, to strengthen its cybersecurity capabilities [5] - DoorDash is set to acquire UK-based food delivery company Deliveroo for approximately $3.9 billion, expanding its international footprint [6] - Uber plans to acquire 85% of Turkish food delivery platform Trendyol GO for about $700 million, pending regulatory approval [7] - Lyft is acquiring European ride-hailing app FreeNow for approximately €175 million ($197 million), with the deal expected to close in the second half of 2025 [8] - Hugging Face is entering the robotics field by acquiring Pollen Robotics, although the financial terms of the deal were not disclosed [9] - WPP is acquiring data collaboration platform InfoSum to enhance its AI-driven data services [10] - CleverTap is acquiring rehool.ai to strengthen its customer retention services [11] - Focus Media plans to acquire New潮传媒 for an estimated valuation of 8.3 billion yuan [13] - China Mobile intends to acquire approximately 15.46% of Hong Kong Broadband for about HKD 1.2 billion [14] - IBM has completed the acquisition of Hakkoda to expand its data transformation services [15] - FuboTV is under investigation by the U.S. Department of Justice regarding its acquisition by Disney, focusing on potential market concentration issues [19] - Universal Music's acquisition of Downtown Music is facing an EU investigation due to potential competitive impacts [20] - Onsemi has withdrawn its acquisition offer for Allegro Microsystems, citing reluctance from Allegro's board [21]