Global and U.S. churn improved YoY, beating expectations. Full-year guidance remains intact and on track to be met.
However, the ad biz grew over 80% YoY yet still lagged aggressive targets. U.S. content growth was 'slower than hoped'.The company replaced its Chief Content Officer. Q4 guidance incorporates ~120 bps of layoff-related costs, and the 2027 outlook was deferred to Jan.
Q3 revenue came in at $14.6bn (+161% YoY), while SI segment revenue rose $5bn QoQ to $7.6bn.
It guided total revenue of $33–37bn for Q1 2027. However, Q4 capex will step up to $35–40bn. GPM will slip back to Q2 levels.The company is also betting on adding 10GW of compute in 2027 and full reuse of Starship. It plans to build an in-house chip fab, TerraFab.
Q3 revenue was RMB 165.22 bn (+58.6% YoY), with recognized shipments topping 260 GWh. Attributable net profit rose just 10% as the Sept. consumption tax, lower export tax rebates, and an adverse product mix compressed unit profitability.
In Q4, the company will absorb a full quarter of the consumption tax. It still expects demand to grow 20–30% next year and is stepping up battery swapping and overseas ESS.
Pre-tax margin reached 78%, the eighth straight quarter above 70%. Annualized dividend was raised to $0.60 from $0.35. However, trading activity eased vs. Q2, with stock share volume down 24% YoY, while the company increased deployment into RIA tax-aware L/S strategies (c.$300 mn AUM at quarter-end) and proprietary AI trading.
Q3 core net new assets reached $190 bn (+38% YoY); bank loans rose 35% YoY, with loan growth outpacing deposits.
Full-year revenue and NIM growth are tracking the low end of the summer guidance range, while management is betting on AI (Charlie assistant, MCP integration) and prediction markets; detailed 2027 financial scenarios will be disclosed in Jan.Q4 revenue guidance is $53.3bn at the midpoint (+14% QoQ), with full-year USD revenue growth around 44%. However, a steep 2nm ramp and dilution from overseas fabs push the Q4 GPM midpoint down to 66%, and the overseas dilution is expected to widen by 300–400bps over the next few years. The company is adding a second 3nm fab in Tainan and evaluating capacity expansion in Texas, noting that AI demand still far exceeds supply.
Q3 GPM was 57.5%, topping guidance; FY revenue is guided to €44–45bn. However, the current 2027–2028 capacity plan still falls short of demand.
Q4 GPM is expected to ease to ~57% on ramp-up costs. Management is evaluating >30% capacity expansion for 2028, and price hikes will be fully reflected from 2028.Below is Dolphin Research's Trans from AMAT's 2026 SEMICON West investor tech session.
Key takeaways: AI is concentrating incremental WFE on the company's leading positions in advanced logic, DRAM, and advanced packaging. By 2030, management targets GPM of 54%, OPM of 40%, and 200bps+ share gains. However, it gave no WFE outlook and flagged that cleanroom and supply-chain constraints could make growth uneven, while betting on EPIC and AIx services to drive yield innovation...Below is the meeting Trans of MRVL 2026 Investor Day (covering FY27), compiled by Dolphin Research. For in-depth analysis, cf. 'Marvell: Long-term guidance surges — confidence or just painting a rosy picture?'
I. Core highlights. 1) Shareholder returns & capital allocation: From FY21–FY26, the co. invested approx. $8 bn in organic R&D and about $11 bn in M&A.
It also returned about $4 bn to shareholders via dividends and buybacks. Looking ahead, with structurally stronger cash flow...
Below is Dolphin Research's Trans of MU's FY26 Q4 post-earnings analyst call. For our earnings read-through, please see 'Micron: Without the melt-up, can long-term agreements really support a memory revival?'.
I. $Micron Tech(MU.US) Key Earnings Recap: 1) FQ1 modeling assumptions: guidance implies DRAM and NAND bit shipments up low single-digit QoQ, with unit costs showing double-digit change. 2) FY27 R&D raised: excluding incentive comp., ...
