Part 2: Earnings Week Apr. 21 - Apr. 25
Intel, Google, SAP & More
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In case you missed part 1, HERE IT IS.
A friendly reminder that the stock price reaction after earnings might have nothing to do with how well/bad the company performed during the quarter.
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Intel (INTC): Q1 2025 revenue $12.67B, flat YoY, beating $12.3B estimate. Adjusted EPS $0.13, above $0.01 forecast. Client Computing revenue $7.8B (vs. $6.9B expected), Data Center and AI $4.1B (vs. $2.9B), Foundry $4.6B (vs. $4.3B). CEO Lip-Bu Tan announced cost cuts, targeting $17B operating expenses in 2025, $16B in 2026, and $18B capex in 2025. Q2 guidance weak: $11.2B-$12.4B revenue (vs. $12.8B estimate), $0.00 EPS (vs. $0.06). Tan emphasized efficiency and AI strategy, but analysts noted tariff risks and AI market lag.
Alphabet (GOOGL): Q1 2025 revenue $89.2B, up 11% YoY, matching $89.2B estimate. Adjusted EPS $2.02, in line with $2.02 forecast. Google Cloud revenue $12B, up 25% YoY, slightly below $12.3B expected. CEO Sundar Pichai highlighted Gemini AI integration across Search, YouTube, and Cloud, driving ad and subscription growth. Management raised full-year cloud revenue outlook, citing AI demand. Analysts remain bullish, with Citi and Morgan Stanley citing AI-driven Search and YouTube growth, though TD Cowen cut price target to $195 on ad growth concerns.
Boeing (BA): Q1 2025 revenue $19.5B, up 18% YoY, beating $19.2B estimate. Net loss narrowed to $31M from $355M YoY; adjusted EPS -$0.05, above -$1.24 forecast. Commercial airplane revenue $8.1B, up 75%, with 130 deliveries (vs. 83 YoY). Cash burn $2.3B, better than $4B expected. CEO Kelly Ortberg highlighted production stabilization and a $10.55B Jeppesen sale to Thoma Bravo, but noted tariff impacts.
RTX (RTX): Q1 2025 revenue $20.1B, up 12% YoY, topping $19.7B estimate. Adjusted EPS $1.34, beating $1.29 forecast. Pratt & Whitney sales up 23% to $6.5B; Collins Aerospace up 14% to $7.1B. CEO Chris Calio raised full-year EPS guidance to $5.65-$5.85 (vs. $5.50-$5.70). Management noted $1B+ tariff costs in 2025.
Verizon (VZ): Q1 2025 revenue $33.3B, flat YoY, matching $33.3B estimate. Adjusted EPS $1.15, in line with $1.15 forecast. Lost 289,000 postpaid phone subscribers (vs. 568,000 gain prior quarter). Broadband added 339,000 customers, driven by fixed wireless and fiber. CEO Hans Vestberg reaffirmed 2%-2.8% wireless revenue growth for 2025, excluding tariff impacts.
T-Mobile (TMUS): Q1 2025 revenue $20.7B, up 4% YoY, beating $20.4B estimate. Adjusted EPS $2.25, above $2.15 forecast. Added 405,000 postpaid phone customers and 218,000 broadband customers. Service revenue grew 5% to $16.8B; high-speed internet hit 5.5M customers. CEO Mike Sievert raised 2025 guidance, projecting 3%-4% service revenue growth.
SAP (SAP): Q1 2025 revenue €8.3B ($8.83B), up 8% YoY, slightly above $8.8B estimate. Adjusted EPS €1.25 ($1.33), beating $1.30 forecast. Cloud revenue grew 24% to €4.2B, driven by AI and Business Technology Platform. CEO Christian Klein raised full-year cloud revenue outlook to €17.5B-€18B, citing AI adoption.
