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Adobe 1Q'23 Update
Disclosure: I am long shares of Adobe
In 2001 and 2002, Adobe's topline went down 3% and 5% respectively. In 2009, revenue went down by 18%!
Thanks to shift to subscription and a continued secular momentum in digital content, Adobe will perhaps prove to be a quite resilient business in
Alphabet Update
Disclosure: I own January 2025 Call Options and Shares of Alphabet Inc.
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To an economist, every monopoly looks the same, whether it deviously eliminates rivals, secures a license from the state or innovates its way to the top. I'm not interested in illegal bullies or government favorites: By "monopoly,
Meta Needs A Decade Of Efficiency
Disclosure: I own January 2025 Call Options and Shares of Meta Platforms
This is Part-1 of my four-part series on Big Tech. Part-two, three, and four will be on Alphabet, Amazon, and Microsoft respectively. While this post is made public, the rest of the series will be behind paywall.
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Autodesk 4Q'FY23 Update
Disclosure: I am long shares of Autodesk
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Autodesk met their high end of the topline guidance. While topline grew at High Single Digit (HSD) rate YoY, it was +12% FXN. Subscription revenue, which is ~92% of revenue, was +14% FXN.
While Media &Entertainment (M&E) segment was down 10%
Fastenal: Compounding Nuts and Bolts
You can listen to this Deep Dive here
On "Invest Like The Best", Charlie Songhurst mentioned an interesting framework which I think is quite apt as a starting point for Fastenal Deep Dive (emphasis mine):
if you pick two axes, one co-axis is boredom and the other is complexity. You
Shopify 4Q'22 Earnings Update
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"If you look at our 7 years since IPO, we were profitable 5 out of the 7."
-Harley Finkelstein (4Q'22 Call)
Except that's not true! Shopify was profitable only 2 out of 7 years since IPO. Perhaps he was adding back SBC?
You can add back SBC if you
IAC 4Q'22 Earnings Update
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Disclosure: I own shares of IAC
The world was priced for perfection, digital companies broadly focused on growth at all costs, and “basic” was a tacit insult.
Not anymore! IAC's theme for 2023 is "Back to Basics: clear objectives, relentless prioritization, focus on profitability and return on investment."
Here's
Amazon 4Q'22 Earnings Update
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Disclosure: I own shares, and Jan 2025 call options of Amazon
..it's important to remember that over the last few years, we took a fulfillment center footprint that we've built over 25 years and doubled it in just a couple of years. And then we, at the same time,
Alphabet 4Q'22 Earnings Update
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Disclosure: I own shares, and Jan 2025 call options of Alphabet
More than 6 years ago, I first spoke about Google being an AI-first company
-Sundar Pichai (4Q'22 Earnings Call)
Given the hype of AI and speculation of AI being potentially Achilles heel of Google Search and its profitability,
Meta 4Q'22 Earnings Update
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Disclosure: I own shares, and Jan 2025 call options of Meta
What a difference three months makes! Meta stock almost doubled from late October to today!
2023 is suddenly the "Year of Efficiency"! Zuck's tone was markedly different tonight.
Here's my highlights from tonight's earnings call.
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