Dolphin Research

As the first print under the new strategy, and with expectations already muted, $Duolingo(DUOL.US) delivered a broadly in-line Q1. Management stayed cautious on the FY guide to keep flexibility, flagging a lower price for Max and AI-driven cost headwinds that could weigh on GPM. That is not the traj...

$Palantir Tech(PLTR.US) Q1 results remained solid overall. Consecutive 'hard' beats have already digested part of the valuation premium, but the two blemishes — U.S. commercial revenue missing and softer order/guide growth trajectory — coupled with the AI narrative, dampened near-term bullish appeti...

$Reddit(RDDT.US) delivered a solid Q1. As a key AI data source with highly authentic user-generated content, Reddit is benefiting from traffic referrals from gateways such as Google.At the same time, the platform remains early in monetization and is expanding beyond brand ads into performance advert...

$Rivian Automotive(RIVN.US) reported Q3 2025 results after the U.S. close on Nov 5, 2025. Overall, the quarter was solid, showing a recovery from the Q2 trough. Key takeaways:1) Revenue in line: Total revenue was $1.38bn, up 11.4% YoY and broadly in line with Street estimates.Auto revenue (incl. reg...

Hi all. This is Dolphin Research.$Roblox(RBLX.US) bombed its Q1 print, with the biggest issue being a sharp cut to growth guidance. Slower growth stems from tighter child-safety rules across markets and, fundamentally, a softer game content cycle.Going into earnings, the market had braced for near-t...

AAPL reported FY26 Q2 (quarter ended Mar 2026) after the US close on May 1 (Beijing time). Key takeaways below.1) Headline results: $Apple(AAPL.US) posted revenue of $111.2bn (+16.6% YoY), beating consensus ($109.7bn). Growth was driven by iPhone and Services.Gross margin (GPM) was 49.3%, up 220bps ...

$Microsoft(MSFT.US) posted its Q3 FY26 results (quarter ended Mar) after the U.S. close on 4/30. Overall, the print was steady: most core metrics beat, but there were few true standouts. Details below:1) Azure re-accelerated, but no upside surprise: The most-watched Azure business delivered +40% YoY...

Hi everyone. This is Dolphin Research.$Meta Platforms(META.US) did not stumble on Q1 prints, but on guidance that failed to ease margin compression concerns. This contrasts with pre-earnings chatter about spending discipline that had nudged the buy side to expect tighter costs. At heart, the stock i...

$Amazon(AMZN.US) released Q1 FY2026 results after the U.S. close on Apr 30 Beijing time. AWS accelerated sharply while broad retail stayed solid, with both revenue and profit beating Bloomberg consensus. However, with the stock up over 30% from recent lows in the past few weeks, the bar had already ...

On the evening of Apr 29 Beijing time, Eastroc Beverage (605499.SH) released its Q1 2026 results. While the core energy-drink franchise showed QoQ growth improvement, a sharp slowdown in electrolyte water (the 'second curve') left headline results slightly below market expectations. $EASTROC(09980.H...

$Alphabet(GOOGL.US) Q1 blew past expectations again. With roughly 40% of incremental revenue now tied to AI-driven cloud, it may be time to drop the 'ad company' label and call Google an AI company.Key takeaways:1. Explosive cloud momentum underpins valuation: Revenue reached 20bn, up 63%, a modest ...

Qualcomm (QCOM) released its Q2 FY2026 results (quarter ended Mar 2026) after the U.S. market close on Apr 30 Beijing time. Key takeaways below.1) Core metrics: Revenue was $10.6bn, down 3.5% YoY, in line with consensus ($10.56bn). The decline reflected a weak downstream smartphone market.GPM was 53...

BOE Technology (000725.SZ) released its Q1 2026 results (ended Mar 2026) after the A-share close on Apr 29 (Beijing time). Key takeaways are below:1. Overall results: BOE posted revenue of RMB 51.0 bn in Q1 2026, +0.8% YoY. Panel ASPs were slightly lower YoY (~2%), implying shipment volume likely ro...

Tonight, $CTG DUTY-FREE(601888.SH) (CTG Duty Free) released its Q1 2026 results. As the annual report was just out, the thesis is broadly unchanged, so Dolphin Research offers only a brief take:1) Top line not inspiring: Q1 2026 revenue was approx. RMB 16.9bn, up nearly 1% YoY. Growth decelerated vs...

$GEELY AUTO(00175.HK) released its Q1 2026 results at Hong Kong midday on Apr. 29 (HKT). While headline revenue and NP attributable to shareholders missed, the core metrics of GPM and per-vehicle core OP rose against the cycle, underscoring strong operating resilience.1. Revenue slightly below, but ...

Luckin Coffee (LKNCY) released its Q1 2026 results (for the quarter ended Mar 2025) before the U.S. market open on Apr 29, 2026 Beijing time. Revenue held up well despite rapid store expansion, slightly beating estimates, but the old issue remains: a higher delivery mix continues to inflate fulfillm...

Hello everyone, this is Dolphin Research!Beijing time on Apr 28, $Focus Media(002027.SZ) released its 2025 annual report and 2026 Q1 results.Overall, this was another pressure test. Focus Media continued to lean on its own alpha, sharpening competitiveness while compensating shareholders. Despite fu...

$Spotify(SPOT.US) released its Q1 2026 results pre-market on Apr 28. The sticking point was guidance, as the market still wants the classic streaming playbook of price hikes driving margin. However, Spotify's Q2 guide fell short on two key metrics — paid net adds and GPM — prompting a pullback.That ...

$BYD COMPANY(01211.HK) 于北京时间 4月 28日晚，港股盘后发布了 2026年第一季度业绩。要点如下：1. 整体收入低预期下表现不错：一季度收入1502亿，同比下滑11.8%，其中卖车收入1120亿，同比下滑16.1%，同比下滑主要由于卖车销量的下滑，但仍要高出市场预期的1006亿，主要由于卖车单价端的超预期。2. 卖车单价逆势大幅抬升，结构红利全面释放：一季度，比亚迪卖车单价 16 万元，同比涨幅达 20%，大幅高出市场预期。主要依托出海占比跨越式提升，出口销量占比从去年同期 21% 增至 47%，而海外车型 ASP 为国内 1.5 倍，完美抵消国内清库存、老款车型降价...

The 'ultimate consumer bellwether' Coca‑Cola (KO) reported Q1 2026 results (through Mar 2026) pre‑market on Apr 28, 2026 Beijing time. $Coca Cola(KO.US)1) Strong top-line; a clean start to the year. Coca‑Cola delivered reported revenue of $12.47bn (+12% YoY), with organic revenue up 10% YoY. By volu...