Equity Research

Earnings Season
Previews and analysis of the latest results
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Apple Inc. (AAPL): F3Q25 review: iPhones outperform on 16 family strength, with Services momentum

AAPL's F3Q25 EPS beat on better-than-expected iPhone sales, Services, and more muted tariff impacts. First, iPhone delivered an outsized beat in the quarter with 13% yoy growth (v. GSe +1%) driven by strong upgrade rates, which we view as an early indicator of the iPhone upgrade cycle, as well as a modest benefit from pull-ins ahead of potential tariff impacts. Second, Services beat with +13% yoy growth (v. 11% GSe/consensus) with the outlook better-than-expected despite investor concerns around headwinds to App Store, though TAC remains an overhang. Third, Apple is accelerating its investments in AI across capex, R&D, and COGS.

31 Jul 2025 | Research | Equity - Michael Ng, CFA and others

Amazon.com Inc. (AMZN): Q2'25 Earnings First Take

We would expect Amazon’s shares to have a muted reaction to its Q2 2025 earnings report as the results presented a solid picture of the current state of the company’s eCommerce efforts (as reflected in revenue growth vs. our estimates) and a reported Operating Income of $19.2b (even with AWS Operating Margins at ~33%). In terms of AWS, YoY revenue growth of 17.5% was slightly below heightened investor expectations after strong operating results by competitors but were ahead of our estimates.

31 Jul 2025 | Research | Equity - Eric Sheridan and others

Microsoft Corp. (MSFT): The AI Halo Effect Ripples up the Stack - F4Q25 Earnings (31 Jul 2025 | Kash Rangan and others)

Meta Platforms Inc. (META): Q2'25 Review: Sustained Core Business Strength Fuels Long-Term Growth Investments (31 Jul 2025 | Eric Sheridan and others)