In case you missed it:

• SoFi Earnings Review.

• Alphabet Earnings Review.

• Tesla Earnings Review.

• PayPal Earnings Review.

• Chipotle Earnings Review.

• ServiceNow Earnings Review.

• Netflix and Taiwan Semi Earnings Reviews.

• My portfolio & performance vs. the S&P 500 as of today.

Table of Contents

• 1. Microsoft (MSFT) — Brief Earnings Snapshot

• 2. Starbucks (SBUX) — Detailed Earnings Review

  • a. Key Points

  • b. Demand

  • c. Profits & Margins

  • d. Balance Sheet

  • e. Guidance & Valuation

  • f. Call & Release

  • g. Take

• 3. Robinhood (HOOD) — Detailed Earnings Review

  • a. Key Points

  • b. Demand

  • c. Profits & Margins

  • d. Balance Sheet

  • e. Guidance & Valuation

  • f. Call & Release

  • g. Take

• 4. Meta (META) — Detailed Earnings Review

  • a. Key Points

  • b. Demand

  • c. Profits & Margins

  • d. Balance Sheet

  • e. Guidance & Valuation

  • f. Call & Release

  • g. Take

Macro Housekeeping:

Quick note on the negative GDP reading from this morning. That was entirely related to the aforementioned import front-loading we’ve extensively covered in portfolio management articles. Imports reduced the GDP reading by nearly 5 points (lots and lots of gold imports especially), with that hit a full 1.5 points larger than the help from higher inventory levels. Consumption was actually a bit better than expected, with 1.8% Y/Y annualized growth vs. a little over 1% growth expected. Real final sales to private domestic purchasers, which excludes net export and government spending noise, rose by 3% Y/Y and is stable.

1. Microsoft (MSFT) — Brief Earnings Snapshot

My detailed Microsoft earnings review will be published this week. For now, the brief snapshot of financials.

Results:

• Beat revenue estimates by 2.5% & beat guidance by 2.8%.

• Intelligent cloud revenue beat estimates by 2.6% & beat guidance by 2.9%.

• Beat EBIT estimates by 5.5% & beat guidance by 6.8%.

• Beat $3.22 EPS estimate by $0.24; beat operating cash flow (OCF) estimates by 10%.

Guidance & Valuation:

• Next quarter revenue guidance beat by 1.8%.

• Next quarter EBIT guidance beat by 1.3%.

MSFT trades for 28x EPS. EPS is expected to compound at a 12% clip for the next two years.

Balance Sheet:

• Nearly $80B in cash & equivalents.

• $40B in debt.

• Slight Y/Y share count reduction.

• Dividends rose 10.7% Y/Y.

2. Starbucks (SBUX) — Detailed Earnings Review

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