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Gene Munster

27 Jan, 5 tweets, 2 min read

1) #Apple, old faithful, crushed both the top and bottom line. The train rolls on.

2) They beat across all segments, except Mac which was in line with expectations. I was expecting measurable Mac outperformance. I suspect they were Mac supply constrained in the quarter.

3) Most impressive, #iPhone growth was 17%, versus the Street at ~7%.

4) $AAPL Services revenue up 24% (vs. Street at 18%) is the clearest indicator of #Apple benefitting from the accelerating digital transformation.

5) Net cash ended at $84B vs. $79B last quarter. #Apple is trying to get to net cash neutral, but cash continues to build. That's how strong the business is.

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Gene Munster

@munster_gene

27 Jan

1) $TSLA Great top line and free cash flow (FCF of $1.9B was double what the Street was looking for). While EPS looked bad, $0.80 vs. $1.01 expected, it was due to stock-based compensation which went from $400m to $633m quarter over quarter.

2) Biggest negative was auto gross margin ex credits of 20.7% vs Street at 24.2%. #Tesla is getting more aggressive on price to win market share, that’s why margins dipped. Negative for today, good for the long term given EV market is nascent.

3) Energy generation and storage revenue up 72% in Dec quarter, compared to 44% in June and 1% in March. This segment's growing revenue in pace with overall revenue.

Read 8 tweets

Gene Munster

@munster_gene

28 Apr 20

Google's results of ad revenue up 15% year-over-year is impressive given the pullback in ad spending.

To put it into perspective, over the past 4 years Google has grown ad revenue in the 20-24% range. This quarter is not that far off of the historical performance.

CFO Ruth Porat notes there was a significant slowdown in the month of March. Our initial math suggests revenue was flat year-over-year in the final 3 weeks of the quarter. Not bad all things considered.

Read 11 tweets

Gene Munster

@munster_gene

28 Oct 19

Google’s Q3 earnings were the most uneventful in the last several years. shares are down 2% after reporting slightly below expectations. Earnings miss was largely explained away by several non-operating expenses.

This is the 17th quarter in a row that Google has achieved 20%+ revenue growth. Continuing to defy the law of large numbers. As a point of reference, over that same period, Facebook’s growth has declined from 54% to 25%.

Google Cloud is growing at approximately the same pace as AWS, in the mid-30% range.

Read 9 tweets

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