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Sunday, May 9, 2021

Update COVID-19 19 October 2020

19 October 2020 — Eighteen (18) new COVID-19 cases were identified out of 1373 samples tested today. This brings the cumulative number of confirmed cases to four thousand, nine hundred, and ninety-two (4992). To date, four thousand, seven hundred, and ninety-seven (4797) patients have recovered and been discharged, including fourteen (14) in the past 24…
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    Big Tech earnings in fewer than 500 words

    This afternoon Alphabet, Microsoft and Pinterest reported their quarterly earnings results for the first three months of 2021. Microsoft and Pinterest have rapidly lost value after reporting their results, while Alphabet appreciated after its own earnings download.

    Sparing you a deluge of numbers, here’s what TechCrunch is pondering from each report in as few words as possible:

    • Alphabet’s earnings were strong across a number of fronts; investors cheered. YouTube revenue grew nearly 50% to $6 billion, search ads performed well, and even the infamously unprofitable “Other Bets” ground managed to post nearly $200 million in revenue. But the most notable result from the technology conglomerate was its cloud results. Google Cloud grew from $2.777 billion in revenue and an operating loss of $1.73 billion in the year-ago quarter to revenues of $4.047 billion and an operating loss of just $974 million. The Mountain View-based agglomeration of tech services is building not only a material revenue stream out of a non-ad-based product, but one that could generate material operating income in time. If trends hold.
    • Microsoft’s earnings report was pretty good despite Wall Street disinterest. Microsoft grew 17% from its year-ago quarter while pushing its operating income up 31% to $17 billion; faster growing income compared to revenue is indicative of operating leverage. The company’s net income actually grew even more rapidly than its operating income, which is sharper than expected. Azure, the company’s Google Cloud and AWS competitor, grew 50% in the quarter, which met expectations per CNBC. Microsoft remains incredibly rich, and its most future-looking products put up some pretty big numbers. Not bad!
    • Pinterest posted a monster quarter. Wall Street was not impressed. Pinterest’s Q1 2021 revenue of $485.230 million was up 78% compared to the year-ago quarter, the company cut its net loss from $141.196 million to $21.674 million at the same time, and its non-GAAP net income rose from -$59.916 million to $78.527 million during the first three months of the year. The result of this wildly impressive quarter? Its shares are off more than 8%. One reason Pinterest may have dropped is that the company missed on monthly active users (478 million reported, 480.5 million expected), and warned that it would see “sequential operating expense growth [ … ] accelerate in Q2.” But with the company anticipating 105% revenue growth in the current quarter and midteens MAU growth in the same period, it’s hard to be that mad at the company. Unless we’re missing something major here, Pinterest is being punished by investors who simply expected even more?

    And there you have it, a very quick catch up. I am not supposed to cover earnings much anymore, but while you can take the pig from the shit, it’s hard to get the pig to not blog about earnings!

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