Financial Data and Key Metrics Changes - The company reported revenue of $167.7 billion, a 12% increase year over year, excluding foreign exchange impacts [6][29] - Operating income was $19.2 billion, up 31% year over year, exceeding guidance by $1.7 billion [6][30] - Trailing twelve-month free cash flow was $18.2 billion [6] Business Line Data and Key Metrics Changes - North America segment revenue was $100.1 billion, an 11% increase year over year [30] - International segment revenue was $36.8 billion, also an 11% increase year over year, excluding foreign exchange impacts [30] - Worldwide paid units grew by 12% year over year, with third-party seller unit mix reaching 62%, the highest ever [31][32] Market Data and Key Metrics Changes - The company saw strong customer adoption of perishables, with 75% of users being first-time shoppers for perishables on Amazon [8] - The recent Prime Day event was the largest ever, with record sales and Prime sign-ups [9] Company Strategy and Development Direction - The company is focused on improving delivery speed and efficiency, with a 40% increase in orders moving through direct lanes year over year [11] - Investments in robotics and automation are aimed at enhancing cost efficiencies and customer experiences [13][14] - The advertising segment generated $15.7 billion in revenue, growing 22% year over year, indicating a strong performance in connecting brands with customers [15][36] Management Comments on Operating Environment and Future Outlook - Management expressed uncertainty regarding the impact of tariffs on pricing and demand but noted no significant demand decline in the first half of the year [10][45] - AWS grew 17.5% year over year, with a focus on generative AI and cloud transition for organizations [18][37] - The company anticipates continued growth in AWS, driven by demand for AI services and infrastructure modernization [85] Other Important Information - The company is expanding same-day and next-day delivery services to more rural communities [12] - Project Kuiper aims to address broadband connectivity for underserved households, with significant enterprise and government interest already [26][70] Q&A Session Summary Question: Can you elaborate on how tariffs are being absorbed across suppliers, Amazon, and consumers? - Management indicated uncertainty about future tariff impacts and noted that demand has not diminished in the first half of the year [44][45] Question: Regarding AWS, what are the reasons for the growth gap compared to competitors? - Management highlighted AWS's significant market leadership and emphasized the importance of customer experience and operational performance [46][49] Question: What is the backlog number for AWS? - The backlog at the end of the quarter was $195 billion, up 25% year over year [53] Question: What is the status of Project Kuiper and its launch timeline? - Project Kuiper is expected to launch commercially later this year or early next year, with strong interest from enterprises and governments [70] Question: How does the company view the potential of Alexa Plus in terms of engagement and revenue? - Management expressed optimism about Alexa Plus's capabilities and its potential to drive increased engagement and revenue through enhanced user experiences [60]

Group 1 - The article discusses the current state of the U.S. stock market, highlighting a dual easing policy of fiscal and monetary measures expected next year, alongside a generally optimistic outlook for the market despite facing challenges in the second half of the year [1][10] - The earnings season has shown that many companies, despite reporting good results, have seen their stock prices remain stagnant or decline due to high market valuations and the search for flaws in earnings reports [2][6] - The advertising industry reflects a stable macroeconomic environment, with U.S. retail sales showing signs of recovery after a period of weakness [4][10] Group 2 - The article emphasizes that the main factors influencing the stock market's direction are interest rate cut expectations and the pace of debt issuance, which could absorb liquidity from the market [10][23] - There is a significant focus on the Federal Reserve's upcoming meetings and the potential impact of political pressure on Chairman Powell regarding interest rate decisions [12][14] - The article warns that the market's expectations for interest rate cuts may be overly optimistic, particularly regarding the potential for inflation and the implications for asset values [15][17] Group 3 - The article outlines the expected fiscal deficit for the U.S. government, estimating a deficit of $1.9 trillion for the fiscal year, with significant debt issuance anticipated in the coming months [19][21] - The current excess liquidity in the market is limited, and the upcoming debt issuance could lead to a significant withdrawal of funds from the market, increasing the risk of a stock market correction [21][23] - The article concludes that despite the challenges, the outlook for U.S. stocks remains positive in the long term, particularly in light of the anticipated inflationary environment and the potential for asset appreciation [23][30]

Core Insights - Levelpath is revolutionizing the $7.3 billion procurement software market by making procurement as easy as ordering food on a mobile app [1] - The company recently completed a $55 million Series B funding round, aiming to quadruple its revenue post-funding [2] Company Strategy - Levelpath's strategy focuses on enhancing the procurement interaction experience rather than replacing existing platforms like Coupa or SAP Ariba [2] - The company plans to start with indirect procurement, providing ready-made templates and a mobile platform for quick value realization, before expanding to more complex direct procurement [2] User Experience - Levelpath emphasizes the importance of design and user satisfaction, aiming to provide a consumer-like experience in the B2B sector [3] - The platform is designed to be mobile-first and user-friendly, allowing employees to easily participate in the procurement process [6][10] Technology and Features - Levelpath's AI engine, Hyperbridge, transforms procurement interactions and decision-making by managing supplier data and automating processes [8][10] - The platform integrates with existing ERP systems, providing a comprehensive view of procurement activities and enabling real-time data access [10][11] Business Model and Market Validation - Levelpath operates on a subscription-based model, ensuring quick ROI for clients through value validation with benchmark customers [15] - Successful pilot projects have demonstrated significant cost savings and efficiency improvements for clients, such as a 200% ROI within six weeks for Treehouse Foods [16] Industry Recognition and Future Plans - Levelpath has gained recognition across various industries, including biotech and e-commerce, and has been included in Gartner's 2024 maturity curve and IVP AI 55 list [16] - The company plans to invest in AI research and mobile expansion, with future developments including an "AI Front Door" chat interface and enhanced ERP integration [16]

Group 1: Company Ratings and Performance - Citic Securities maintains a buy rating for Airbnb (ABNB.O), highlighting its leading position in the global short-term rental market with nearly half market share, benefiting from inflation easing and rising travel demand [1] - CMB Securities maintains a buy rating for Alphabet (GOOG.O) with a target price of $221.0, reporting Q2 2025 revenue of $9.64 billion (+14% YoY) and net income of $2.82 billion (+19% YoY), driven by strong performance in Google Search and Google Cloud [2] - Haitong International maintains a buy rating for Bronco Billy o Ltd (BRBYF.F), noting a narrowing decline in same-store sales and a three-year high sell-through rate for the Autumn 25 series [3] - Haitong International maintains a neutral rating for Enphase Energy Inc (ENPH.O), reporting Q2 revenue of $363 million, but Q3 guidance is below market consensus [4] - Huachuang Securities gives a buy rating to NXP Semiconductors (NXPI.O), reporting Q2 revenue and profit exceeding expectations, with a stable automotive business and inventory levels normalizing [5] - Haitong International gives a buy rating to Baker Hughes (BKR.A), reporting Q2 EBITDA of $1.212 billion, exceeding expectations, with strong performance in both business segments [6] - Huatai Securities maintains a buy rating for Bilibili (BILI.O) with a target price of $37.1, reporting Q2 revenue and adjusted net profit exceeding expectations [7] - Citic Securities maintains an overweight rating for Texas Instruments (TXN.O) with a target price of $217, reporting Q2 performance exceeding expectations driven by industrial market demand [8][9] - CMB Securities maintains a buy rating for Coca-Cola (KO.N) with a target price of $75, reporting Q2 revenue of $12.62 billion, exceeding market expectations [15] Group 2: Strategic Developments and Future Outlook - CMB Securities raises the target price for Sands China (LVS.N) to $61.20, citing a 24% YoY increase in EBITDA driven by improved gaming win rates in Singapore [14] - CMB Securities maintains a buy rating for General Motors (GM.N) with a target price of $60, indicating a low current valuation and strong long-term fundamentals despite short-term pressures [17] - Haitong International gives a buy rating to New Oxygen (SY.O) with a target price of $10.1, highlighting the high growth potential in the light medical beauty chain industry [18] - CMB Securities maintains a buy rating for Freeport-McMoRan (FCX.N) with a target price of $51.60, reporting Q2 performance exceeding expectations due to cost optimization and copper price premiums [19]

2025年第二季度，LVMH的时尚与皮具板块销售额下滑了9%（有机口径），创下疫情以来的最大季度 跌幅。这一数据不仅远超分析师预期（此前预估为6%-7%），也敲响了整个奢侈品行业的警钟。 相比疫情期间的"奢侈消费报复性反弹"，眼下消费者的情绪已明显降温。日本市场的游客热潮迅速退 去，使这一曾经的增长高地骤然转冷——第二季度在日本的销售大幅下滑28%。即便是在LVMH最依赖 的美国市场，本地消费者的疲软也开始显现。财报用"good resilience（韧性尚可）"一词小心翼翼地形容 了欧美的本地消费，但显然，这种"尚可"不足以弥补亚洲放缓带来的损失。 这标志着LVMH所倚重的传统增长公式——"游客驱动+高净值消费"正在失效。而这一变化最为致命的 是，它不仅削弱了短期营收，更动摇了品牌的定价权基础。 （原标题："金箔之下"：LVMH的豪华光环在减弱吗？） 在巴黎战神广场的落日余晖下，LVMH 的品牌矩阵依旧闪耀：Louis Vuitton 的橱窗仍高悬巨幅艺术装 置，Dior 的橱窗换上新任创意总监的手笔，Sephora 店内人头攒动。然而这场华丽的舞台背后，2025年 上半年交出的财务答卷却显露出另一种景象： ...

Core Insights - SAP SE reported a strong second-quarter 2025 performance with non-IFRS earnings per share of €1.50 ($1.70), a 37% increase year-over-year, although it fell short of the Zacks Consensus Estimate of $1.63 [1] - Total revenues on a non-IFRS basis reached €9.03 billion ($10.24 billion), marking a 9% year-over-year increase, but also below the Zacks Consensus Estimate of $10.37 billion [1] - The company's cloud revenue surged by 24% year-over-year, driven by robust growth in Cloud ERP Suite revenues [5][8] Financial Performance - Non-IFRS operating profit rose 32% to €2.57 billion, with a margin increase to 28.5%, attributed to improved operational efficiency and cost controls [13] - Non-IFRS gross profit increased 10% to €6.64 billion, with cloud gross profit rising 27% to €3.86 billion [12] - Free cash flow increased significantly by 83% to €2.36 billion during the quarter, indicating strong operational strength [14] Cloud Business Growth - The current cloud backlog surged 22% to €18.1 billion, a key indicator of market success [4] - Cloud revenues reached €5.13 billion, with a notable 30% growth in Cloud ERP Suite revenues [5] - The cloud and software segment accounted for 88.2% of total revenues, generating €7.97 billion, an 11% year-over-year increase [4] Strategic Initiatives - SAP's investment in AI and data platforms is yielding positive results, with the AI assistant Joule enhancing process efficiency and user productivity [2] - The "RISE with SAP" program continues to attract global organizations, indicating strong client adoption [7] - The company initiated a transformation program in January 2024, concluding in Q1 2025, aimed at enhancing operational scalability [16] Customer Engagement - Significant customer wins were reported, including partnerships with major organizations such as Accenture, BMW Group, and L'Oréal [10] - The cloud revenue growth was particularly strong in the APJ and EMEA regions, with standout performances in countries like Brazil, France, and India [11] Future Outlook - SAP reaffirmed its 2025 financial outlook, anticipating cloud revenues between €21.6-€21.9 billion, representing a year-over-year increase of 26-28% [17] - Cloud and software revenues are expected to be in the range of €33.1-€33.6 billion, with a projected increase of 11-13% year-over-year [18] - Free cash flow is estimated to reach around €8 billion, a significant rise from €4.22 billion in 2024 [19]

QQQs +13bps as Trump said last night US and Japan finally reached a deal which would impose 15% tariffs (vs previous 25% threat) on imports including autos, while Japan will invest $550B into the US and open their market to certain goods. Nikkei +4% and in Asia and Europe, autos rallied with Toyota +15%. Bessent also said yesterday US and China will hold 3rd round of trade talks next week. QQQ 指数上涨13个基点,因特朗普昨夜宣布美日最终达成 将对包括汽车在内的进口商品征收 15%关税（此前威 协议, 胁税率为 25%），同时日本将向美国投资 5500 亿美元并开 放部分商品市场。日经指数大涨 4%，亚欧汽车板块集体走 ...

Hello and welcome to Morning Brief Market Sunrise. I'm Raman Karamali live from Yahoo Finances studios in London. It's Wednesday 23rd July.Coming up on the show, the US and Japan agree a trade deal. The president labels it massive as the tariff is set at 15%. But the Detroit 3, that's Ford, General Motors, and Stalantis, aren't too thrilled.I'll explain why. And earning season continues. We'll have the latest from the likes of AT&T, Hasbro, and Hilton.So, grab your coffee and let's own the morning. Well, we ...

Group 1: Texas Instruments - Texas Instruments reported quarterly earnings of $1.41 per share, exceeding the analyst consensus estimate of $1.33 per share [1] - The company reported quarterly sales of $4.448 billion, surpassing the analyst consensus estimate of $4.329 billion [1] - Shares of Texas Instruments fell sharply by 12% to $189.15 in pre-market trading following the earnings report [2] Group 2: Other Companies - Telix Pharmaceuticals Limited shares fell 7.9% to $15.00 in pre-market trading after issuing an update on its commercial and operational performance [4] - Enphase Energy, Inc. shares decreased by 7.5% to $39.32 despite posting upbeat second-quarter earnings, as the company anticipates third-quarter revenue of $330 million to $370 million, below estimates of $363.25 million [4] - ON Semiconductor Corporation shares fell 6.3% to $58.50 in pre-market trading after a previous gain of 3% on Tuesday [4] - Microchip Technology Incorporated shares dipped 6.2% to $70.60 in pre-market trading [4] - Analog Devices, Inc. shares fell 5% to $223.78 in pre-market trading [4] - NXP Semiconductors N.V. shares declined 4.8% to $216.82 following the release of quarterly results [4] - Canadian National Railway Company shares fell 4.6% to $95.71 after downbeat quarterly results [4] - SAP SE shares decreased by 4.3% to $292.92 following second-quarter results [4]

wo[Table_Title] Research Report 23 Jul 2025 美国电子 US Technology 全球科技业绩快报：SAP 2Q25 Global Technology Earnings Series: SAP Q2 2025 姚书桥 Barney Yao 邓雅文 Linda Deng barney.sq.yao@htisec.com linda.yw.deng@htisec.com [Table_yemei1] Flash Analysis [Table_summary] (Please see APPENDIX 1 for English summary) 事件： 美东时间 2025 年 7 月 22 日，SAP 发布 2Q25 业绩：公司第二季度业绩延续了云业务和盈利能力双轮驱动的态势， 营收与利润齐创新高，但受关税及汇率影响而略低于市场预期。第二季度公司总营收达 90.27亿欧元，同比增长9% （按固定汇率计算增长 12%），低于市场预期的 90.7 亿欧元。其中云业务继续成为主要增长动力，云收入攀升至 51.3 亿欧元，同比增长 24%（按固定汇率计算增长 28%），低于 ...