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Feb 3

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$META Our review of Meta's Q4 FY22 is out!

Meta: AI now, Metaverse later

AI boosted engagement ahead of the "Year of Efficiency"

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Feb 3

Choose your fighter $AAPL $MSFT $GOOG $AMZN

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$AAPL Apple Q1 FY23: • Revenue -5% Y/Y to $117.2B ($4.5B miss). 💳 Services +6% Y/Y to $20.8B. 📱 Products -8% Y/Y to $96.4B. • Operating margin 31% (-2pp Y/Y). • Operating cash flow margin 29%. • EPS $1.88 ($0.07 miss).

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Feb 2

$AMZN Amazon Q4 FY22: • Revenue +9% Y/Y to $149.2B ($3.4B beat). • Operating margin 2% (-2pp Y/Y). • Non-GAAP EPS $0.03 ($0.14 miss). AWS: • Revenue +20% Y/Y to $21.4B. • Operating margin 24% (-6pp Y/Y). Q1 FY23 Guidance: • Revenue ~$123.5B ($2B miss).

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$GOOG Alphabet Q4 FY22: • Revenue +1% Y/Y to $76.0B ($0.4B miss). • Operating margin 24% (-5pp Y/Y). • EPS $1.05 ($0.14 beat). YouTube ads -8% to $8.0B. Google Cloud: • Revenue +32% Y/Y to $7.3B. • Operating margin -7% (+10pp Y/Y). Restructuring costs in Q1 FY23 ~$2.6B.

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Our January report, packed with earnings visuals, is now available for download on our website. appeconomyinsights.com

$META Meta Q4 FY22: • Daily active people +5% Y/Y to 2.96B. • Revenue -4% Y/Y to $32.2B ($0.5B beat). • Revenue +2% Y/Y fx neutral. • Operating margin 20% (-17pp Y/Y). • FCF margin 16% (-21pp Y/Y). • EPS $1.76 ($0.48 miss). Q1 FY23 guidance: • Revenue ~$27.3B (in-line).

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Here’s a sneak peek into our January 2023 report! 👀

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Our monthly report is out! It's packed with earnings visuals. 📊

Earnings visuals (1/2023)

High-resolution PDF packed with selected earnings of the past month

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Portfolio Tracker (Embed Link) | Seeking Alpha Marketplace

Feb 1

App Economy Portfolio is my premium service (hosted by Seeking Alpha), where I share my entire portfolio and trades. I review the earnings of all portfolio companies in our community chat and provide actionable, timely ratings (BUY, SELL, or HOLD).

seekingalpha.com

These entry points (stock-split adjusted) still look good, even in this bear market. $TTD $6 $MTCH $11 $AMD $10 $SHOP $10 $MDB $58 $AAPL $27 $AMZN $31 $SQ $35 $HUBS $81 Looking at your cost basis is a great way to keep a cool head when the entire market turns bearish.

App Economy Portfolio allocation 1/2023: • Top 10 Holdings: 45% of the portfolio. • Median Market Cap: $15B. • Average Market Cap: $231B. • Average Insider Ownership: 6%. • Average CEO score on Glassdoor: 91%. 29 stocks in the portfolio are rated 'BUY.'

App Economy Portfolio update 1/2023: Returns from 1/2015 to 1/2023: +238%. (vs. +96% for $SPY). Portfolio > 50% off its peak. Some long-term winners: 📱 $AAPL ↗️ $AMD ☁️ $AMZN 🔍 $GOOG 📢 $HUBS 🌿 $MDB 💕 $MTCH 🍿 $NFLX 💵 $PAYC 🛍️ $SHOP 🖥️ $TTD

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$EA Electronic Arts Q3 FY23: • Net bookings -9% to $2.3B ($0.2B miss). • EA player network +17% Y/Y to 650M. • Revenue +5% Y/Y to $1.9B ($0.1B miss). • EPS $0.73 ($0.23 beat). Q4 FY23 guidance: • Revenue ~$1.75B ($0.4B miss). • Star Wars Jedi: Survivor pushed to FY24.

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Jan 31

$AMD AMD Q4 FY22: • Revenue +16% Y/Y to $5.6B ($80M beat). • Gross margin 43% (-7pp Y/Y). • Operating margin (3%) (-28pp Y/Y). • Non-GAAP EPS $0.69 ($0.02 beat). Q1 FY23 guidance: • Revenue ~$5.3B ($0.2B miss).

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$TSLA Our review of Tesla's Q4 FY22 is out!

Tesla: Growth on autopilot

Price cuts, FSD investigations, brand favorability and more

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Jan 31

$SPOT Spotify Q4 FY22: • MAU +20% to 489M (10M beat) • Revenue +18% Y/Y to €3.2B (€30M miss). • Revenue +13% Y/Y fx neutral. • Operating margin (7%) (-7pp Y/Y). • EPS (€1.40) (€0.13 miss). Q1 FY23 Guidance: • MAU +18% to 500M. • Revenue +16% to €3.1B (€53M beat).

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Jan 30

$PARA Paramount+ is merging with Showtime. Both linear channel & app will be rebranded: "Paramount+ with Showtime." "We will divert investment away from areas which are underperforming and that account for less than 10% of our views." Related layoffs are still TBD.

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Jan 29

Content is king, but engagement is queen. We cover this and more in our $NFLX Q4 FY22 review.

Netflix: Blockbuster quarter

Content is king, but engagement is queen

Americans streamed over 19 million years of content in 2022 (+27% Y/Y). Netflix made up 10 of the top 15 programs: • Stranger Things was #1. • Wednesday made the top 15 (despite only 8 episodes, released in November). Source: Nielsen (US only). $NFLX

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It's earnings palooza again! What are you watching this week? • Tuesday: $AMD, $MTCH, $SNAP, $SPOT. • Wednesday: $ALGN, $META. • Thursday: $AAPL, $AMZN, $GOOG, $TEAM.

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Jan 27

$MSFT Our review of Microsoft's Q2 FY23 is out!

Microsoft: AI everywhere all at once

OpenAI will bolster apps and search, but Azure is slowing down

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$INTC Intel Q4 FY22: Key metrics: • Revenue -32% Y/Y to $14.0B ($0.5B miss). • Operating loss margin -8% (-32pp Y/Y). • Non-GAAP EPS $0.10 ($0.10 miss). Q1 FY23 Guidance: • Revenue ~$10.5B-11.5B ($14.0B expected). • Non-GAAP EPS -$0.15 ($0.40 miss).

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$V Visa Q1 FY23: • Revenue +12% Y/Y to $7.9B ($200M beat). • Operating margin 64% (-4pp Y/Y). • EPS $2.18 ($0.17 beat). Fx neutral: • Revenue +15% Y/Y. • Payment volume +7% Y/Y. • Cross-border volume +22% Y/Y. • Processed transactions +10% Y/Y.

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Choose your fighter $DAL $LUV $UAL $AAL

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$MA Mastercard Q4 FY22: • Revenue +12% Y/Y to $5.8B ($10M beat). • Operating margin 55% (+1pp Y/Y). • EPS $2.65 ($0.07 beat). Fx neutral: • Revenue +17% Y/Y. • Gross dollar volume +8% Y/Y. • Cross-border volume +31% Y/Y. • Switched transactions +8% Y/Y.

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$NOW ServiceNow Q4 FY22: Key metrics: • Current RPO +22% Y/Y to $6.4B. • Revenue +20% Y/Y to $1.9B (in-line). • Operating margin 8% (+6pp Y/Y). • Operating cash flow margin 6% (+1pp Y/Y). • EPS $2.28 ($0.26 beat). FY23 Guidance: • Sub revenue +23% to $8.47B ($110M beat).

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