Dolphin Research

Among the four hyperscalers, $Oracle(ORCL.US) (ORCL) remains the most debated. Post-market, the company reported 3QFY26 (ended Feb) results. The print was mixed: database and compute capacity leasing under OCI stayed strong and re-accelerated, while GPM pressure was worse than expected, and both Cap...

$NIO Inc(NIO.US) released its Q4 2025 results pre-market in the U.S. and after-market in Hong Kong on Mar 10, 2026 (Beijing time), marking its first-ever profit since listing and shedding its long-standing deep-loss label. Key takeaways:1) Top line beat with strong YoY growth: Q4 revenue was RMB 34....

On the evening of Mar 9, 2025, $CATL(03750.HK) released Q4 2025 results. Key takeaways:1) Revenue: Q4 revenue was RMB 140.6bn, well above the Street’s RMB 125.3bn, up 37% YoY.The beat was driven by shipments, while battery ASPs were largely flat QoQ.2) Shipments surged: Q4 shipments reached 226 GWh,...

Global discount retail leader — $Costco Wholesale(COST.US) reported FY2026 Q2 results (quarter ended Feb 15) after-hours this morning. Overall, results remained solid, with revenue and profit slightly beating estimates. Highlights:1. Total revenue rose 9.2% YoY, accelerating from 8.3% last quarter, ...

Marvell (MRVL) reported Q4 FY2026 (ended Jan 2026) after the U.S. market close on Mar 6 Beijing time. The print came after hours.1. Revenue: $2.22bn this quarter, +7% QoQ, in line with the Street ($2.21bn). The $150mn QoQ uplift was driven primarily by Data Center.2. GPM: headline GPM was 51.7%, up ...

Among China’s three major e-comm players, $JD.com(JD.US) reported Q4 results first. In short, outcomes landed roughly in line against a low bar. The headline read-through: broadly as expected under sufficiently muted expectations.1) State subsidies faded, revenue growth collapsed: At the group level...

After HK market close on Mar 5 (Beijing time), $Bilibili(BILI.US) reported Q4 FY2025 results. Ads were the standout, while other segments were broadly in line.In detail: Key takeaways below.1. Ads: strong growth with runway: Q4 ad revenue grew 27% YoY, slightly beating the Street. The drivers includ...

AVGO released Q1 FY26 results (ended Jan 2026) after the US market close on Mar 5 (Beijing time). Details follow.1. Overall results: Q1 revenue was $19.3bn (+29% YoY), in line with the Street ($19.2bn). QoQ rose by $1.3bn, driven by AI.GPM was 68.1%. On an operating basis (ex acquisition amortizatio...

Often dubbed Southeast Asia's mini Tencent, $Sea(SE.US) posted Q4 2025 results pre-market on Mar 3. The print was again 'split': core e-com and fintech both delivered strong, above-consensus growth, while higher investment drove profits below estimates. In the current tape, investors still prioritiz...

Old guard out, new champ in! Today, Hong Kong’s hot pick and China’s independent model developer $MINIMAX-WP(00100.HK) released its FY2025 report card.But vs. a 4.5x rally in roughly two months, Dolphin Research’s read on Q4 looks underwhelming. Let’s dig in:I. Revenue: C slowed, B accelerated — a b...

AI cloud unicorn $Coreweave(CRWV.US) posted its Q4 2025 results after hours today (Feb 27). Overall, revenue and scale kept growing well, but profits fell more than even the lowered guide. This raises the risk that higher revenue could deepen losses for a while, adding to already-elevated concerns a...

'US Alipay' — $Block(XYZ.US) (XYZ.US) announced its Q4 FY2025 results after the US market closed this morning (Feb 27). More striking than the numbers was a bombshell plan to cut headcount by 40% across the company, which helped drive the stock up over 20% post-earnings.As usual, we first review the...

DELL $Dell Tech(DELL.US) released its FQ4 2026 results (quarter ended Jan 2026) after the U.S. market close on Feb 27 Beijing time.1. Core results:$Dell Tech(DELL.US) reported revenue of $33.4bn, +39.5% YoY, beating consensus ($31.8bn). QoQ revenue rose by $6.4bn, mainly driven by AI server shipment...

Energy drink leader Monster Beverage (MNST) posted Q4 2025 results (quarter ended Dec 2025) after the U.S. close on Feb 27, 2026 Beijing time. Overall, revenue beat elevated expectations with a strong print, while higher spend led to a slight miss at the profit line.$Monster Beverage(MNST.US)Record ...

$Duolingo(DUOL.US) released Q4 FY2025 results after-hours on Feb 26 (ET). Once again, guidance bombed.Highlights:1) Guidance cracked: real slowdown or just conservative?Starting with guidance, management expects Q1 bookings growth of only 11%, with full-year growth at 10–12%. Versus FY2025’s 33%, th...

Luckin Coffee (LKNCY) released its Q4 2025 results (for the quarter ended Dec 2025) before the U.S. market open on the afternoon of Feb 26, Beijing time. Overall, with food-delivery subsidies easing and Luckin scaling back its own subsidies, revenue growth slowed notably. The ongoing 'delivery war' ...

$Vipshops(VIPS.US) released its 4Q25 results on the evening of Feb 26. Although the company had already lowered guidance, the print still came in weaker, with revenue reverting to negative growth; disciplined cost control nevertheless kept profit growing. Specifics below:1) Core ops — GMV growth sta...

In the U.S. after-hours on Feb 26, $Trip.com(TCOM.US), under a regulatory cloud, reported Q4 FY2025 results. Overall, topline was solid, with revenue growth beating guidance and re-accelerating. However, operating expenses rose faster than revenue, pulling GAAP OP below expectations; details as foll...

$Baidu(BIDU.US) released Q4 results after the HK close on Feb 26, 2026, and overall Q4 was mediocre. Given the prolonged correction, plus buybacks/dividends providing a floor and the Kunlun Chip IPO and potential Stock Connect inclusion as year-long narratives, the market is unlikely to impose susta...

Amid the recent 'AI kills SaaS' narrative, one of the hardest-hit names, $Salesforce(CRM.US), posted FY26 Q4 (to Jan 31) after the US close. Overall, results were unexciting.Revenue growth did tick up as guided, but largely on consolidation, with legacy growth soft. GPM kept compressing while opex r...