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QCOM reported FY26 Q2 (quarter ended Mar 2026) after the U.S. close on Apr 30 (Beijing time).
Key takeaways: 1) Core metrics.Revenue was $10.6bn, down 3.5% YoY, in line with consensus ($10.56bn).
The renewed decline reflected a sluggish downstream handset market.GPM was 53.8% (-120bps YoY), below consensus at 54.6%.
Amid memory shortages...
+120303 | Dolphin Research Focus: 🐬 Macro/Industry
1) Today, both Hong Kong and A-share markets sold off sharply as Middle East geopolitical tensions escalated. Qatar's LNG output halted and the Strait of Hormuz was blocked, stoking fear across markets.Money rotated out of equities and other high-risk assets into safe havens such as gold and crude. Risk assets globally came under pressure.Meanwhile, oil spiked, lifting inflation expectations. Investors fear the Fed may delay its rate-cut cycle, putting high-valuation growth tech under pressure. The Hang Seng Tech index led the declines.
Since end-2025, commercial space has surged in investor attention in the capital markets. In this report, we take a cause-and-effect lens to frame the investment opportunity and offer an entry point for research.
The immediate catalyst is news that SpaceX is moving toward the public markets to raise capital. Its breakthrough lies in reusable rockets that sharply reduce satellite launch costs.Using SpaceX as our entry point, we address three questions: (1) how SpaceX scaled and by how much reusability cuts costs; and (2) why the sudden push to go public contrasts with Musk’s prior stance. (3) How feasible is Musk’s vision for space-based compute, and where does the industry stand now?
+15QCOM reported FY2026 Q1 results (quarter ended Dec 2025) in after-hours trading on Feb 5 (Beijing time). Key takeaways: 1) Core metrics.
Revenue was $12.25bn, up 5% YoY, in line with market expectations ($12.2bn). Growth decelerated again this quarter, mainly due to a sluggish downstream smartphone market.
GPM was 54.6%, down 120bps YoY and below consensus (55.2%). Amid tight memory supply...
+12The following are the minutes of Tencent Music's 3Q25 earnings conference call organized by Dolphin Research. For financial report interpretation, please refer to "With ByteDance's Efforts, Can Tencent Music Still Be 'Small and Beautiful'?" 1. Review of Core Financial Information: 1. Tencent Music Entertainment Group (TME) reported a 21% year-on-year increase in total revenue for the third quarter of 2025, reaching RMB 8.5 billion, marking the highest growth rate since the first quarter of 2021. This was driven by the continued growth of the music subscription business, strong performance in offline concerts, advertising services, and sales of artist-related merchandise. 2. Online music revenue increased by 27% year-on-year to RMB 7 billion...
