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We write a weekly newsletter of quality quotes from Earnings Calls | Editor: @Skrisiloff | Lead Author: @ekmokaya | Publisher: @Avondaleam |

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    Alphabet, Microsoft, Amazon & Intel among those reporting next week: 💻 Tech: $GOOGL $MSFT $AMZN $INTC $NOW 🏭 Industrials: $BA $CAT $UPS $GEV $WM 🛒 Consumer: $KO $SBUX $MDLZ $CL 🏦 Financials: $V $MA $UBS $HSBC ⚡ Energy: $XOM $CVX $SHEL $TTE 💊 Healthcare: $LLY $MRK $ABBV $AZN 📡 Telcos: $VZ $TMUS More at
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    $MSFT CFO throwing some shade on the FCF -ve $META and $GOOGL: "Given our strong business performance, we expect to continue to remain free cash flow positive, and in FY27, to complement cash generated by the business and preserve financial flexibility, we will access additional sources of funding when we believe it is attractive to do so."
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    RT @TheTranscript_: $V Visa CFO: US consumer spending remained resilient with no observable deterioration among lower-spending customers. "For the quarter, both US discretionary and non-discretionary spend growth remained strong. Fourth quarter US credit grew 11% year over year, and debit grew 9%. Growth across consumer spend bands remained relatively consistent with prior quarters, with the highest spend band continuing to grow the fastest. We did not see signs of the lower spend consumer weakening in our volumes."
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    RT @TheTranscript_: $HOOD Robinhood CFO Shiv Verma: "Revenues were up 12% to a record 1.4 billion. And this was driven by strong growth in both new products and existing products as well. Transaction revenues were a record as trading volumes were new highs across equities, options, and margin. Each of these was up around 50% year over year. And this was on market share gains. And then event contracts continued to scale really nicely. This was up 7x year over year."
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    Alphabet CEO: "We had a strong quarter and are now on a half-trillion dollar revenue run rate. Our deep full stack approach is driving momentum across the business, with Alphabet revenues growing 25% year-over year" $GOOGL: -8% AH
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    Big earnings Wednesday, with Alphabet and Microsoft taking center stage: Before Open: $STLA $GEV $GSK $UBS $APH $ADP $BSX After Close: $GOOGL $MSFT $TMUS $NOW $F $CVNA $FDX $FTNT $EBAY $CMG $KLAC $CMPR More:
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    $GOOGL CFO: Alphabet has accumulated $924B in future purchase commitments "At the end of the third quarter, we had future purchase commitments of $924 billion, and pre-commencement leases and other obligations of $152 billion. These dollar amounts reflect the maximum contractual obligations; however, a number of these agreements have variable pricing and volume flexibility, which could result in lower spend."
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    RT @TheTranscript_: NXP CEO: "NXP delivered Q3 26 revenue of $3.8B, up 19% YoY and 8% QoQ. Our performance was driven by accelerating contributions from our company-specific growth drivers in automotive and industrial as well as continued momentum in data center infrastructure." $NXPI: -8% AH
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    RT @TheTranscript_: $V Visa's latest operating metrics through October 21 show continued strength in payments activity
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    RT @TheTranscript_: Big earnings Wednesday, with Alphabet and Microsoft taking center stage: Before Open: $STLA $GEV $GSK $UBS $APH $ADP $BSX After Close: $GOOGL $MSFT $TMUS $NOW $F $CVNA $FDX $FTNT $EBAY $CMG $KLAC $CMPR More:
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    RT @TheTranscript_: Visa CEO: "Visa delivered a milestone year. We achieved record net revenue of $46 billion, up 15%, the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions." $V
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    RT @satyanadella: Just wrapped our earnings call. It was a fast start to our fiscal year. Microsoft Cloud revenue surpassed $63B, with growth accelerating to 30% YoY. Lots of innovation as we build the new tech stack for the agentic wave. A few highlights:
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    RT @TheTranscript_: $TSLA Tesla CFO: Automotive gross margins excluding credits improved from 16.3% to 18.1%, supported by a higher APAC delivery mix. "On automotive margins, excluding credits, increased sequentially from 16.3% to 18.1%. The improvement in margins is driven by a higher mix of deliveries in APAC. While commodity price increases and interest rate changes continue to add to our cost and create further headwinds, we have adjusted the vehicle financing programs to partially offset for such costs."
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    $GOOGL Alphabet CFO: "With respect to cloud margins, given the supply constraint environment, we started utilizing third-party compute capacity at the end of Q3, and will ramp usage in Q4. We expect margin headwinds in the near term as we utilize this capacity."
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    RT @TheTranscript_: Visa CEO: "Visa delivered a milestone year. We achieved record net revenue of $46 billion, up 15%, the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions." $V
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    RT @TheTranscript_: Seagate CEO: "...another quarter of record profitability and our highest ever free cash flow in the September quarter" $STX: -8% AH
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    Earnings to watch on Thursday include Amazon, Intel, and Mastercard: $AMZN $AAPL $INTC $SBUX $LLY $MA $CAT $SHEL $MRK $GILD $BMY $RIVN $BUD $TTE $MDLZ $SYK $LIN
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    RT @TheTranscript_: $TSLA Tesla CFO: Automotive gross margins excluding credits improved from 16.3% to 18.1%, supported by a higher APAC delivery mix. "On automotive margins, excluding credits, increased sequentially from 16.3% to 18.1%. The improvement in margins is driven by a higher mix of deliveries in APAC. While commodity price increases and interest rate changes continue to add to our cost and create further headwinds, we have adjusted the vehicle financing programs to partially offset for such costs."
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    Alphabet CFO on Other Income (Expense): "OI&E was negative $8.2 billion, due primarily to unrealized loss from our investment in SpaceX from a decline in its stock price in the third quarter. Net income and earnings per share decreased due to the decline in OI&E"
    P Equity Research 📰 @pequityresearch
    Google had a $8.2B expense this quarter resulting in an EPS miss, what is this related to?
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    RT @TheTranscript_: $TSLA Tesla CFO Vaibhav Taneja: Tesla ended Q3 with its highest vehicle backlog in four years "On the automotive business, we exited the quarter with our highest backlog in 4 years, with deliveries constrained primarily by production. We are, therefore, focused on increasing production at all our factories to meet this growing demand."
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  29. P Equity Research 📰✓@pequityresearch
    Google had a $8.2B expense this quarter resulting in an EPS miss, what is this related to?
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    $SKHY More SK hynix Q3 2026 Financial Highlights: — Revenue hit KRW 104.62T (+32% QoQ, +328% YoY) — Gross profit reached KRW 89.65T (+36% QoQ, +539% YoY), with gross margin expanding to 86% — Operating profit hit KRW 83.33T (+38% QoQ, +632% YoY), with operating margin reaching 80% — EBITDA rose to KRW 87.68T (+36% QoQ, +486% YoY), with an 84% margin — Net profit fell 58% QoQ to KRW 39.78T (+216% YoY), partly reflecting non-operating losses — Operating cash flow reached KRW 54.78T, down 17% QoQ — PP&E investments increased to KRW 12.67T (+19% QoQ) — Cash balance rose to KRW 114.46T, up from KRW 87.96T in Q2
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    Chart crime alert on Google cloud btw:
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    $GOOGL: Google Cloud Q3 26 [YoY]: —Revenue: +102.6% to $30.7B —Operating Income: +209.4% to $11.1B —Operating Margin: 36.2% vs 23.7% (+12.5pp) Revenue growth accelerated from +34% in Q3 25 to +102.6% in Q3 26. Cloud now makes up ~24.1% of Alphabet’s total quarterly revenue
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    RT @TheTranscript_: PayPal CEO: "I’m pleased with our third-quarter performance and the momentum we are seeing across the business, and we are raising our full-year non-GAAP guidance for transaction margin dollars and EPS" $PYPL
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    $SKHY SK hynix Q3 2026 Revenue Breakdown: — DRAM accounted for 75% of revenue, up from 73% in Q2 2026. — NAND contributed 24%, down from 27% in Q2. — DRAM's server segment (including HBM) accounted for roughly 56% of DRAM revenue, up from ~49% a year earlier. — SSDs accounted for approximately 77% of NAND revenue, up from ~62% a year earlier. — Total revenue reached KRW 104.62T (+32% QoQ, +328% YoY).
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    $GOOGL: Google Cloud Q3 26 [YoY]: —Revenue: +102.6% to $30.7B —Operating Income: +209.4% to $11.1B —Operating Margin: 36.2% vs 23.7% (+12.5pp) Revenue growth accelerated from +34% in Q3 25 to +102.6% in Q3 26. Cloud now makes up ~24.1% of Alphabet’s total quarterly revenue
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    $V Visa CFO: US consumer spending remained resilient with no observable deterioration among lower-spending customers. "For the quarter, both US discretionary and non-discretionary spend growth remained strong. Fourth quarter US credit grew 11% year over year, and debit grew 9%. Growth across consumer spend bands remained relatively consistent with prior quarters, with the highest spend band continuing to grow the fastest. We did not see signs of the lower spend consumer weakening in our volumes."
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    $SKHY SK hynix Q3 2026 Results: — Revenue hit a record KRW 104.62T (+32% QoQ, +328% YoY) — Operating profit reached KRW 83.33T (+38% QoQ, +632% YoY), with a record 80% margin — EBITDA reached KRW 87.68T (+36% QoQ, +486% YoY) — Net profit came in at KRW 39.78T, with a 38% margin — DRAM ASPs rose ~20% QoQ; NAND ASPs increased in the mid-20% range — 2027 DRAM demand expected to grow in the mid-20% range, NAND in the high teens — Long-term agreements secure over 50% of 2027–28 capacity — 2027 CapEx expected to increase significantly
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    Gemini couldn't help?
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    RT @TheTranscript_: $NDAQ CEO: Nasdaq is already charging premiums for financial data delivered through MCP connectors, with additional AI pricing models under consideration. "But I also would say, in the data space, we are upcharging. So if you are taking our data through an MCP connector, we are upcharging for that MCP connector... "And then over time, as we understand how they're expanding the use cases and we're driving our data into more expanded AI capabilities, we'll look at different pricing models that will support that as well."
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    $AMZN: "As Amazon has grown, we’ve seen some of our ICs and SDMs become less connected to their customers and business. We want to reverse this trend."
    Gergely Orosz @GergelyOrosz
    Amazon's leadership is very good at writing, but you still need to read between the lines. What I read between these lines: Engineers who are not "product engineers" (aka eng + PM interest) and don't like to be customer-facing will not have a future inside of Amazon Full:
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    RT @TheTranscript_: Royal Caribbean CEO: "Our third quarter results reflect continued strong consumer demand for our vacation experiences and the accelerated momentum across our industry leading brands" $RCL: +6% PM
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    RT @demishassabis: Very excited to share Genie 4, our incredible interactive world model, bringing together real-time physics, reasoning, and audio! Simulations within simulations, makes you wonder just how deep the rabbit hole goes... I have a feeling we will be finding out soon enough...
    Google DeepMind @GoogleDeepMind
    This is Genie 4, our most realistic and interactive world model yet. 🌐 Explore dynamic environments in real time to see how the scene responds, sounds, and how the people in it move, react, and speak.
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  43. Gergely Orosz✓@GergelyOrosz
    Amazon's leadership is very good at writing, but you still need to read between the lines. What I read between these lines: Engineers who are not "product engineers" (aka eng + PM interest) and don't like to be customer-facing will not have a future inside of Amazon Full:
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    RT @TheTranscript_: Coca-Cola CEO: "Our results this quarter demonstrate our system’s sustained momentum, giving us confidence in our updated full year guidance," Q3 26: —Price/Mix: +1% —Unit Case Volume +5% $KO: -1% PM
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  45. Google DeepMind@GoogleDeepMind
    This is Genie 4, our most realistic and interactive world model yet. 🌐 Explore dynamic environments in real time to see how the scene responds, sounds, and how the people in it move, react, and speak.
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    $MSFT Microsoft CFO on Azure demand: "Customer demand continues to exceed available supply.”
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    $MSFT CFO: Higher-than-expected AI token pricing boosted Azure revenue, with premium models generating attractive margins. “Secondly, and you mentioned it, token pricing will create a little bit of variability. We had higher token pricing than we expected in the quarter. Listen, high-quality models that we're able to take advantage of and see good margins on do benefit us in the quarter. And that did happen in Q1.”
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    RT @TheTranscript_: S&P Global CEO: "...a very strong quarter..." —Exploring a potential separation of Capital IQ & associated data businesses —Plans to retain RatingsDirect, RatingsXpress & Enterprise Solutions $SPGI: +4% PM
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    RT @TheTranscript_: $ANT: Anthropic: "From September 30, 2025 to September 30, 2026, TTM revenue increased ~1,200% while headcount increased ~170%, driving TTM revenue per employee from $1.4M to over $6.6M, a reflection of extraordinary talent density and a culture built to compound it."
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    $GOOGL Alphabet CBO: Rapid growth in AI Mode queries is diluting search monetization "It's worth noting that the strong growth in AI mode queries had an impact, because of the lower monetization we were seeing in AI mode. To be clear, we feel very good about our trajectory here. Our ad experiments have shown promising results, and we're now scaling ads within both AI Overviews and AI Mode to more users and more queries. Including, as I mentioned, international markets and multi-turn ads in the US."
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    RT @TheTranscript_: Boeing double miss with defense revenue up 15% YoY "Results reflect higher defense volume and improved segment operating performance" $BA: -2% PM
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    RT @TheTranscript_: $SCHW Charles Schwab CEO: "...we are blocking unauthorized agents to try to log in on behalf of clients. It is not a safe way for our clients to access Schwab, and we are blocking it to protect clients and our firm."
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    $BE Bloom Energy CFO: "The third quarter was another record quarter for Bloom. Revenue of $1.24 billion was up 138% year-over-year, and operating income of $286 million grew faster still, up over 500% year-over-year. On the strength of the quarter, we are raising our full year outlook for revenue, operating income, and EPS for the third time this year."
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    $MSFT Microsoft CFO expects ~$170B in FY27 CapEx, with spending accelerating in H2 as delayed capacity comes online. "In Q2, we expect CapEx spend will be over $50B. Therefore, for the calendar year, spend should be ~$170B, due to the 3P capacity delays noted earlier. In the second half of the fiscal year, we currently expect CapEx spend to accelerate, primarily from CPUs—including higher memory and storage costs—and GPUs, as well as the 3P capacity deliveries that shifted to H2. And as we continue to improve the efficiencies of our infrastructure, each dollar of CapEx has the potential to support more revenue and deliver higher returns over time."
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    RT @TheTranscript_: $ACI Albertsons Companies CEO: "The reality right now is that the economy is tough for many of our customers. Fuel prices are elevated and inflation remains stubbornly high for our customers and in our P&L. Traffic and units are below where they need to be, and our overall performance does not reflect the quality of our assets or the capabilities of our team. Simply put, we're not satisfied with the results and the current trajectory of our business."
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    $MSFT CEO: "Accelerating demand led to us adding 24 new data centers across five continents this quarter. And we are bringing capacity online faster, reducing doctor lifetimes by about 20% quarter over quarter for new GB300s in our biggest region"
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    $MSFT CEO Satya Nadella on the growing role of AI agents in software development on GitHub: "Agent-generated PRs have increased 6x over the past six months, and agents now open more than a third of all PRs on the platform."
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    Microsoft CEO on Copilot: "Users' satisfaction improved nearly 20% quarter over quarter to another all-time high" $MSFT
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    $GOOG Google Cloud CEO: Google Cloud's underlying growth remains strong even excluding TPU system sales. "The strongest growth contributor was Google Cloud Platform with strength in both AI and core GCP. So GCP accounted for the vast majority of revenue generated in Q3, and cloud revenue growth excluding the impact of TPU system sales was again very, very strong. Demand was also strong across our product lines"
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