Earnings Week Jul. 31 - Aug. 4 (part 2)
Amazon, PayPal, Shopify, Apple, Lemonade, Airbnb, Block & More!
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PayPal
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 Non-GAAP EPS of $1.16 in-line.
Revenue of $7.3B (+7.4% Y/Y) beats by $30M.
Total payment volume (TPV) of $376.5 billion, growing 11% on a spot and FX-neutral (FXN) basis
Double digit volume and transaction growth year-over-year
$376.5 billion in TPV, growing 11% spot and FXN
6.1 billion payment transactions, up 10%
54.7 payment transactions per active account on a trailing twelve month basis, up 12%
431 million total active accounts, compared to 429 million in Q2'22
FY'23 Guidance
GAAP earnings per diluted share expected to be ~$3.49, compared to $2.09 in FY’22
Reiterating nonGAAP earnings per diluted share, expected to grow ~20% to ~$4.95, compared to $4.13 in FY’22
Shopify
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 Non-GAAP EPS of $0.14 beats by $0.09.
Revenue of $1.69B (+31% Y/Y) beats by $70M.
Gross Merchandise Volume increased 17% to $55.0 billion, an increase of $8.2 billion over the second quarter of 2022, up 18% on a constant currency basis.
Merchant Solutions revenue increased 35% to $1.3 billion compared to the prior year driven primarily by the growth of GMV and continued penetration of Shopify Payments.
Gross Payments Volume grew to $31.7 billion, representing 58% of GMV processed in the quarter, versus $24.9 billion, or 53%, for the second quarter of 2022.
Subscription Solutions revenue increased 21% to $444 million compared to the prior year primarily due to more merchants joining the platform and the pricing changes that went into effect for existing merchants in April.
Monthly Recurring Revenue as of June 30, 2023 increased 30% to $139 million compared to the prior year.
For the third quarter of 2023, we expect:
Revenue to grow at a low-twenties percentage rate on a year-over-year basis
Gross margin percentage to be approximately two to three percentage points higher than the second quarter 2023 gross margin of 49.3%
Free cash flow profitability for the third quarter of 2023 to be greater than the entire first half of 2023.
Unity
For the transcript and press release click HERE
Q2 GAAP EPS of -$0.51 beats by $0.11.
Revenue of $533.48M (+79.6% Y/Y) beats by $16.13M.
Lemonade
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
GAAP EPS of -$0.97 beats by $0.05.
Revenue of $104.6M (+109.2% Y/Y) beats by $7M.
Third Quarter 2023:
In force premium at September 30, 2023 of $703 - $706 million
Gross earned premium of $166 - $168 million
Revenue of $102 - $104 million • Adjusted EBITDA loss of ($51) - ($49) million
Stock-based compensation expense of approximately $16 million
Full Year 2023:
In force premium at December 31, 2023 of $710 - $715 million
Gross earned premium of $654 - $658 million
Revenue of $402 - $408 million
Adjusted EBITDA loss of ($199) - ($196) million
Tesla x Elon Musk & Cybertruck Love
Fiverr
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 Non-GAAP EPS of $0.49 beats by $0.12.
Revenue of $89.4M (+5.2% Y/Y) beats by $0.14M.
Active buyers was 4.2 million as of June 30, 2023 and 2022, respectively.
Spend per buyer as of June 30, 2023 reached $265, compared to $259 as of June 30, 2022, an increase of 2% year over year.
Take rate for the period ended June 30, 2023 was 30.7%
Qualcomm
For the transcript and press release click HERE
Q3 Non-GAAP EPS of $1.87 beats by $0.06.
Revenue of $8.44B (-22.7% Y/Y) misses by $70M.
Q4 Guidance:
Total revenue of $8.1B-$8.9B
QCT Revenue of $6.9B-$7.5B
QTL Revenue of $1.15B-$1.35B
Non-GAAP Diluted EPS of $1.80-$2.00
Robinhood
For the transcript and press release click HERE
Q2 Non-GAAP EPS of $0.03 misses by $0.09.
Revenue of $486M (+52.8% Y/Y) beats by $8.43M.
Adjusted EBITDA increased 31% sequentially to $151 million. Adjusted EBITDA margin increased 5 points sequentially to 31%.
Net Cumulative Funded Accounts increased 70 thousand sequentially to 23.2 million.
Monthly Active Users decreased 1.0 million sequentially to 10.8 million.
Assets Under Custody increased 13% sequentially to $89 billion, primarily driven by higher equity valuations and continued net deposits.
2023 Outlook:
SBC for full-year 2023, including the 2021 Founders Award Cancellation ($485 million in Q1 2023), to be in the range of $900 million to $940 million, an improvement of $45 million at the midpoint of the range from our prior outlook of $925 million to $1.005 billion.
Mercadolibre
For the transcript and press release click HERE
I’ve also covered it on my channel in detail.
Q2 GAAP EPS of $5.16 beats by $0.88.
Revenue of $3.42B (+32.0% Y/Y) beats by $150M.
$42.1 billion Total Payment Volume, up 96.6% year-over-year on an FX neutral basis $10.5 billion
Gross Merchandise Volume, up 47.2% year-over-year on an FX neutral basis
Amazon
For the transcript and press release click HERE
Q2 EPS of $0.65 may not be comparable to consensus of $0.34.
Revenue of $134.3B (+10.8% Y/Y) beats by $2.96B.
North America segment sales increased 11% year-over-year to $82.5 billion.
International segment sales increased 10% year-over-year to $29.7 billion.
AWS segment sales increased 12% year-over-year to $22.1 billion.
Third Quarter 2023 Guidance
Net sales are expected to be between $138.0 billion and $143.0 billion vs. $138.29B consensus, or to grow between 9% and 13% compared with third quarter 2022.
Operating income is expected to be between $5.5 billion and $8.5 billion, compared with $2.5 billion in third quarter 2022.
Airbnb
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 GAAP EPS of $0.98 beats by $0.20.
Revenue of $2.48B (+18.1% Y/Y) beats by $60M.
Block
For the transcript and press release click HERE
I’ve also covered it on my channel.
Q2 Non-GAAP EPS of $0.39 beats by $0.02.
Revenue of $5.53B (+25.4% Y/Y) beats by $430M.
2023 adjusted EBITDA of $1.50B up from its previous guidance of $1.36B
Apple
For the transcript and press release click HERE
3 GAAP EPS of $1.26 beats by $0.07.
Revenue of $81.8B (-1.4% Y/Y) in-line.
Net sales by category:
iPhone: $39.67B (-2.5 Y/Y %)
Mac: $6.84B (-7.3 Y/Y %)
iPad: $5.79B (-19.8 Y/Y %)
Wearables, Home and Accessories: $8.28B (2.5 Y/Y %)
Service: $21.21B (8.2 Y/Y %);