Stephanie Wong

Sankey diagrams = muuuuuch better for earnings reports 📊

A couple of things I find interesting from the big players:

1️⃣ Revenue for product areas is broken out very differently. Each company consolidates categories at various degrees, yet each touch impressively wide parts of diverse markets (heavy Ad revenue vs. hardware vs. e-commerce). This illustrates company reach and focus.

2️⃣ Revenue varies massively and is not a leading indicator. Even net profits can't be looked at alone. I'm surprised by some of the margins, especially Amazon. Though AWS is their profit puppy, the net profit for Amazon is much lower versus the other players (with Amazon.com net loss bringing it down).

3️⃣ Operating expenses are broken out very differently without clear comparisons between players, but it is interesting to see tax expense differences. They are substantial for most (but much lower for Amazon 🤔).

What do you think of these diagrams and Q3 performance? 👇

Kudos and thanks to Bertrand Seguin (App Economy Insights) for these diagrams!

#markets #techearnings #techstocks

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