Dolphin Research

SMIC (0981.HK/688981.SH) released its Q1 2026 results (to Mar 2026) after the Hong Kong close on May 14 Beijing time, with key takeaways as follows:1) Headline results:$SMIC(00981.HK) reported revenue of $2.5bn in Q1 2026, slightly below the $2.52bn consensus, up 0.7% QoQ, broadly in line with guida...

$JD.com(JD.US) released its Q1 2026 results on May 12. Here is our take.1) Growth troughing, profits beat: Overall revenue was approx. RMB 315.7bn (+~5% YoY), improving from +1.5% last quarter and slightly ahead of Street expectations. This confirms a nascent recovery in e-commerce growth.Adj. OP ca...

$Alibaba(BABA.US) released its FQ4 FY26 results pre‑mkt on May 13. As widely expected, the absolute print was weak, with group profit dragged below even the peak loss quarter during the food delivery war last year due to heavy holiday 'cash handouts' around CNY. Cloud delivered no standout surprise ...

$TENCENT(00700.HK) released Q1 results, a mixed bag overall with several points worth a close look. Focusing on what the market cares most about — the AI investment-to-return — here are Dolphin Research’s quick takes:1) AI spend is set to rise: Q1 capex booked was RMB 31.9bn (+16% YoY), which does n...

Often dubbed the 'Tencent of SEA', $Sea(SE.US) posted Q1 FY26 results pre-mkt on May 12. Headline numbers beat, with both revenue growth and profitability ahead of estimates. However, the upside skewed to gaming rather than the more critical e-commerce unit, tempering the quality of the beat. Detail...

$Tencent Music(TME.US) Q1 results were broadly in line, essentially matching last quarter’s guidance, with opex slightly below the Street. Overall, under heightened competition, core subs growth is losing steam, pushing TME to lean more on non-sub music monetization.More noteworthy than the print, p...

Pre-mkt on May 11 ET, the first listed stablecoin play $Circle(CRCL.US) reported Q1 2026 results.Note that ~95% of revenue is interest on USDC reserves, which is largely predictable given disclosed USDC supply and reserve yields. As a result, the stock mostly trades with changes in USDC market cap, ...

The 'US Alipay' — $Block(XYZ.US) (XYZ.US) released Q1 FY26 results after-hours on May 8. The quarter was solid, with both revenue and profit beating estimates and trends improving. Guidance for next quarter also looks good; details below.1) Growth and profit both solid: Total revenue rose about 5% Y...

The alt. stays leader Airbnb$Airbnb(ABNB.US) posted Q1 FY2026 results this morning (May 8). Overall, the quarter was solid, with most metrics slightly beating estimates and growth accelerating on an FX tailwind. The outlook for next quarter also came in above expectations, details below:1) Growth lo...

$Coinbase(COIN.US) 一季报发布，大部分是 “预想” 中的坍塌，当期背景是 CLARIFY 法案迟迟难见推进 + 中东摩擦推高油价甚至引发加息预期，都是对风险资产极为不利的因素。不过，数字货币标的股价变动完全跑在业绩前面，随着 4 月地缘紧张缓解，数字货币还是走了一段修复行情。相比较上季度的财报日而言，BTC 价格从 6.7 万升到了 8 万，Coinbase 估值也从 385 亿涨到了 500 亿。那么维持后续修复趋势的关键因素是什么？具体来看：1. 避险致交易降温： 导致收入滑坡的还是交易收入，Q1 同比下滑了 40%，主要源于交易量萎缩了 36%，但相比中心化交易所整体...

Energy drink leader Monster Beverage (MNST) released its Q1 2026 results (through Mar-26) after hours on May 8 Beijing time. It was a strong print, with revenue handily beating Street expectations. $Monster Beverage(MNST.US)1) Revenue growth hit the strongest quarterly pace in nearly four years. Tot...

AI cloud unicorn $Coreweave(CRWV.US) posted its Q1 2026 results after hours on May 8. Overall, revenue and biz. growth were solid, but profits fell short of even the lowered guide. This raises the risk that higher revenue could translate into bigger losses for a while, deepening investors' concerns ...

Hi everyone. This is Dolphin Research.$Unity Software(U.US) reported Q1 results. With a pre-announcement in late Mar, the focus is on guidance, especially post the IronSource divestiture, to read the growth trajectory of the Vector ad stack.Key takeaways follow. See details below.1. Guidance slightl...

ARM (ARM.O) released its FY2026 Q4 results (quarter ended Mar 2026) after the U.S. close on May 7 Beijing time. Key takeaways are as follows:1) Headline numbers:$Arm(ARM.US) posted revenue of $1.49bn (+20% YoY), slightly above consensus ($1.47bn). The ~$250mn QoQ uptick was largely driven by License...

In a Q1 clouded by 'ghost stories,' $AppLovin(APP.US) delivered a small beat. While growth did slow, the print should ease some of the market’s short-term nerves that overplayed competitive risks.Specifically:1. Guidance still points to high growth: For AppLovin, amid a pivotal expansion phase, guid...

The 'international DiDi' $Uber Tech(UBER.US) posted its Q1 2026 results pre-mkt on May 6. Overall, the quarter was solid as both gross bookings and adj. EBITDA beat, with momentum intact in growth and margins.At the same time, guidance for next quarter on bookings and adj. profit also came in above ...

Hello everyone, this is Dolphin Research!$Disney(DIS.US) FY2Q26 marked the first full quarter under the new CEO who took over in Mar. Results were solid, showing operating resilience and a clearer commitment to buybacks. This eased concerns that had been elevated by macro volatility, AI-driven indus...

Beijing time Apr 29, Sanhua Intelligent Controls (2050.HK) posted its 26 Q1 results. While headline numbers came in slightly below estimates due to FX and one-offs, the top line finally returned to positive growth.1. Q1 revenue finally turned positive, led by a beat in auto parts: Q1 revenue was RMB...

AMD (AMD.O) released its Q1 2026 results (to Mar 2026) after the U.S. market close on May 6 Beijing time. Key points:1) Overall results: $AMD(AMD.US) reported revenue of $10.25bn in Q1 2026, up 37.8% YoY, beating the Street (~$9.9bn). Growth was driven by Data Center and Client. GAAP GPM was 52.8% (...

E-com tools plus payments vertical leader — $Shopify (SHOP.US) posted Q1 2026 results pre-mkt on May 5. Growth and profit both beat Bloomberg consensus.Ex-FX tailwinds, the print offered little surprise vs. buy-side hopes.Guidance for next quarter came with blemishes. While broadly in line with Bloo...