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General Motors
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 Non-GAAP EPS of $1.91 beats by $0.08.
Revenue of $44.75B (+25.1% Y/Y) beats by $2.39B.
GM is also updating its full-year 2023 guidance for the second consecutive quarter:
U.S. GAAP net income attributable to stockholders of $9.3 billion-$10.7 billion, compared to the previous outlook of $8.4 billion-$9.9 billion
EBIT-adjusted of $12.0 billion-$14.0 billion, compared to the previous outlook of $11.0 billion-$13.0 billion
U.S. GAAP net automotive cash provided by operating activities of $18.0 billion-$21.0 billion, compared to the previous outlook of $16.5 billion-$20.5 billion
Adjusted automotive free cash flow of $7.0 billion-$9.0 billion, compared to the previous outlook of $5.5 billion-$7.5 billion
Verizon
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 Non-GAAP EPS of $1.21 beats by $0.04.
Revenue of $32.6B (-3.6% Y/Y) misses by $720M.
Total broadband net additions of 418,000, reflecting strong demand for fixed wireless and Fios products.
54,000 Fios Internet net additions, an increase from 36,000 Fios Internet net additions in second-quarter 2022.
Total Wireless:
Total wireless service revenue of $19.1 billion, a 3.8 percent increase year over year.
Postpaid phone net additions of 8,000, and retail postpaid net additions of 612,000. Total wireless postpaid phone gross additions increased 2.0 percent year over year, primarily driven by a 6.9 percent year-over-year growth in Consumer postpaid phone gross additions.
Total retail postpaid churn of 1.07 percent, and retail postpaid phone churn of 0.83 percent.
For 2023, Verizon continues to expect the following:
Total wireless service revenue growth of 2.5 percent to 4.5 percent.
Adjusted EBITDA of $47.0 billion to $48.5 billion.
Adjusted EPS of $4.55 to $4.85 vs $4.68 consensus.
Adjusted effective income tax rate in the range of 22.5 percent to 24.0 percent.
Alphabet
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 GAAP EPS of $1.44 beats by $0.10.
Revenue of $74.6B (+7.0% Y/Y) beats by $1.84B.
Google Advertising: $58.14B
Google Services Operating Income of $23.45B
YouTube ads: $7.66B
Google Cloud: $8.03B
Operating Income of $395M
Microsoft
For the transcript and press release click HERE
Q4 GAAP EPS of $2.69 beats by $0.14.
Revenue of $56.2B (+8.3% Y/Y) beats by $710M.
Revenue in Productivity and Business Processes was $18.3 billion and increased 10% (up 12% in constant currency)
Revenue in Intelligent Cloud was $24.0 billion and increased 15% (up 17% in constant currency)
Revenue in More Personal Computing was $13.9 billion and decreased 4% (down 3% in constant currency)
Hermes Might Be The Most Resilient Company
Teladoc
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 GAAP EPS of -$0.40 in-line.
Revenue of $652.4M (+10.1% Y/Y) beats by $3.22M.
Access fees revenue grew 11% to $575.7 million and other revenue grew 4% to $76.7 million.
U.S. revenue grew 8% to $561.8 million and International revenue grew 28% to $90.6 million.
Second quarter 2023 adjusted EBITDA of $72.2 million
3Q23 Guidance: Revenue: $650M-$675M vs $663.28M consensus. Net loss per share: -$0.40 - -$0.50 vs -$0.36 consensus.
FY23 Guidance: Revenue: $2.6-2.675B vs $2.62B consensus. Net loss per share: -$1.60 - -$1.25 vs -$1.34 consensus.
Snap Inc.
For the transcript and press release click HERE
Q2 Non-GAAP EPS of -$0.02 beats by $0.02.
Revenue of $1.07B (-3.6% Y/Y) beats by $10M.
Thanos’ snap did less damage than this report…
Daily Active Users increased 14% year-over-year to 397 million
DAUs increased sequentially and year-over-year in each of North America, Europe, and Rest of World.
Total time spent watching Spotlight content more than tripled year-over-year, and Spotlight reached more than 400 million monthly active users on average in Q2, an increase of 51% year-over-year.
Since launching My AI, our AI-powered chatbot, over 150 million people have sent over 10 billion messages, which we believe makes My AI among the largest consumer chatbots available today.
AT&T
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 Non-GAAP EPS of $0.63 beats by $0.03.
Revenue of $29.92B (+0.9% Y/Y) misses by $30M.
Cash from operations: $9.9B up from $7.7B in 2022
FCF of $4.2B up from $1.4B in 2022
Adj. EBITDA of $11.1
Meta Platforms
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 GAAP EPS of $2.98 beats by $0.07.
Revenue of $32B (+11.0% Y/Y) beats by $970M.
Family daily active people (DAP) was 3.07 billion on average for June 2023, an increase of 7% year-over-year.
Family monthly active people (MAP) was 3.88 billion, an increase of 6% year-over-year.
Facebook daily active users (DAUs) were 2.06 billion, an increase of 5% year-over-year.
Facebook monthly active users (MAUs) were 3.03 billion, an increase of 3% year-over-year
Earnings Call Comment
1) FCF was $11B, a huge beat BUT it significantly benefited from a deferral of income taxes that they'll expect to be paid in Q4.
2) Reels: TikTok isn't running away with anything anymore. YT Shorts and Reels are performing incredibly well.
"Reels plays exceed 200 billion per day across Facebook and Instagram."
"Annual revenue run-rate across our apps now exceeding $10 billion, up from $3 billion last fall."
3) WhatsApp: 200M users on WA Business (tip: If you ever get hacked, just download WA Business and try to access your account from there and contact support). The number of businesses using our paid messaging products has doubled year-over-year.
4) Cloud Offering: Partnered with $MSFT specifically because we don't have a public-cloud offering. They are not planning on building one out.
But in short, they'll want a portion of the revenue the cloud players get for reselling their services.
"I don't think that that's going to be a large amount of revenue in the near term, but over the long term hopefully that can be something."
5) Reality Labs: It passed $40B in losses and will increase next year. One analyst asked about the ROI of the business.
Mark knows this is a big bet, but it's one he's willing to take and feels confident about. He doesn't want the next platform to be controlled by Apple or Google, which are currently restricting what can and can not be built/sold through the App Store.
In the end, he said, "But I also understand the discomfort that some folks have with something that I can't put exact numbers on a near-term time horizon around."
Intel
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 Non-GAAP EPS of $0.13 beats by $0.16.
Revenue of $12.9B (-15.7% Y/Y) beats by $760M.
CCG: $6.8B down 12%
DCAI: $4B down 15%
NEX: $1.4B down 38%
Mobileye: $454M down 1%
IFS: $232M up 307%
Q3 Guidance
Revenue of approximately $12.9 billion to $13.9 billion vs $13.28B consensus
Non-GAAP EPS attributable to Intel of $0.20 vs. $0.17 consensus
Non-GAAP Gross margin: 43%
Roku
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
GAAP EPS of -$0.76 beats by $0.51.
Revenue of $847M (+10.8% Y/Y) beats by $72.47M.
Platform revenue was $744 million, up 11% YoY
Gross profit was $378 million, up 7% YoY
Active Accounts were 73.5 million, a net increase of 1.9 million Active Accounts from Q1 2023
Streaming Hours were 25.1 billion, up 4.4 billion hours YoY
Average Revenue Per User (ARPU) was $40.67 (trailing 12-month basis), down 7% YoY
Ford
For the transcript and press release click HERE
Q2 Non-GAAP EPS of $0.72 beats by $0.18.
Revenue of $42.43B (+11.9% Y/Y) beats by $1.11B.
Ford Model e
Ford sold 34K EVs (wholesale units)
Revenue of $18B
EBIT ($1.1B)
EBIT Margin: (58.9%), much better than Q1’s (102%)…
Company raises full-year 2023 guidance for adjusted EBIT to between $11 billion and $12 billion, and for adjusted free cash flow to between $6.5 billion and $7 billion