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The following are the minutes of the FY26Q3 earnings call for $Salesforce(CRM.US) compiled by Dolphin Research. For an interpretation of the earnings report, please refer to the article &#34;Salesforce: Is the AI Agent 'Delayed', and Has the SaaS Leader Become a Value Stock?&#34; 1. Review of Core Financial Information Guidance: The company is still expected to reaccelerate revenue growth within the next 12 to 18 months. Net new AOV growth: Net new AOV growth in the second half of FY26 is expected to exceed AOV growth in the second half...

Alphabet - C

Alphabet

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Informatica

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Destiny Tech100

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ARMOUR RESIDENTIAL REIT INC 7.00% CUM RED PFD STK SER C

Salesforce (Minutes): The foundation of technology and sales has been laid, looking forward to the harvest period

Airbnb

ABNB

The following are the Minutes of the Q3 2025 earnings call organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Airbnb: Is it truly climbing out of the trough, or just a 'flash in the pan'?&#34; 1. Review of Core Financial Information This quarter, the total booking amount increased by 14% year-on-year to $22.9 billion, mainly driven by the increase in booking volume and average daily rates. The number of booked nights grew by 9% year-on-year, accelerating by 2 percentage points quarter-on-quarter, with the U.S. market performing particularly strongly. In the third quarter, the growth of booked nights in major regions remained stable or accelerated quarter-on-quarter: Latin America grew by approximately 20%...

Gabelli Dvd

Ameriprise Financial

Airbnb (Minutes): Believes that the scale of alternative accommodations has at least room to double

Applovin

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80700

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The following is a summary of the 3Q25 earnings call minutes for $AppLovin(APP.US) organized by Dolphin Research. For financial report interpretation, please refer to &#34;Without High Growth and Violent Aesthetics, Is Applovin Still Attractive?&#34; 1. Review of Core Financial Information This Quarter: The upgrade of the core gaming business model drove revenue to increase by 68% year-on-year to approximately $1.405 billion; adjusted EBITDA reached $1.158 billion, up 79% year-on-year, with a profit margin of 82%, an increase of 1 percentage point from the previous quarter, mainly due to the leverage effect and the moderate alleviation of foreign exchange fluctuations...

MediaAlpha

TENCENT

S&P 500

SPDR S&P 500

VG S&P 500 Grw

Axon Enterprise

TENCENT-R

Tencent Holdings Limited

Tencent

Global Self Storage

AppLovin

Tencent HK SDR 10to1

Applovin (Minutes): Currently, the week-over-week growth rate of new user spending on the self-service advertising platform has reached 50%

Amazon

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$Amazon(AMZN.US) announced its Q3 2025 financial results after the U.S. stock market closed on October 31st, Beijing time. As the current market is almost entirely focused on cloud business, this quarter AWS finally experienced long-awaited accelerated growth beyond expectations, which is the biggest highlight and key signal of this quarter's performance. Aside from this, the company's growth and profit performance in the retail business were generally stable and in line with expectations. Specifically: 1. The long-awaited AWS acceleration has finally arrived: the current growth rate of the cloud business has almost become the single indicator that &#34;determines life and death&#34;...

Microsoft

Jiangsu Azure Corporation

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AWS major reversal, has Amazon finally 'seen the light at the end of the tunnel'?

GOLD

After the market closed yesterday, Lao Pu announced its second rights issue of the year. Coupled with the recent decline in gold prices, this has triggered a continuous pullback in Lao Pu's stock price. So, how should we view this rights issue by Lao Pu? Dolphin Research will briefly discuss:First, compared to the first rights issue in May, although the total fundraising amount is similar (around HKD 2.7 billion), this time Dolphin Research estimates that the discount rate is only 4.5%, and the placement size accounts for 2.6% of the expanded total share capital (the discount rate in May was 8%, accounting for 3.2% of the total share capital). Therefore, in terms of the dilution ratio to the stock price, it is obviously more friendly to investors. As for the use of the proceeds, unlike the 80% of funds in May that were used for store expansion, location optimization, and personnel expansion, this time 70% of the funds will be used to purchase inventory (gold) (only 10% for store expansion), making the use of funds more focused. The question is, why is Lao Pu raising funds to buy inventory at this time?In fact, the reason is quite straightforward—both inventory and cash are insufficient! We can do a simple calculation: Lao Pu's revenue in the second half of 2024 was RMB 5.3 billion, corresponding to year-end inventory of RMB 4 billion, while Lao Pu's revenue in the first half of 2025 was RMB 12.3 billion, corresponding to inventory of RMB 8.5 billion. This means that during the high growth phase of Lao Pu's revenue, the ratio of inventory to revenue must remain basically consistent to ensure no supply issues (inventory/revenue at around 70%-75%). According to last year's operating pace, if revenue in the second half of the year reaches RMB 18 billion, it means that inventory must be at least RMB 13.5 billion to match. As of the first half of 2025, Lao Pu's inventory was only RMB 8.7 billion, and an additional RMB 5 billion in inventory is needed in the second half of the year. However, Lao Pu's current cash on hand is only RMB 2.5 billion, meaning the remaining RMB 2.5 billion gap can only be filled through external financing, which aligns with the proportion of this rights issue.Additionally, from the profit side, due to the recent surge in gold prices, Lao Pu announced on October 17th that it would implement its third price increase of the year starting from the 26th, with an expected increase of about 15%. Combined with the previous two increases (10% in February, 12% in August), the overall price increase for the year is close to 40%. At this rate, the gross profit margin in the second half of the year should remain stable.Therefore, based on the above analysis, as long as Lao Pu can use this rights issue to stockpile inventory and continue to achieve high turnover from inventory to sales, while gradually strengthening its brand power, it is a positive move from an operational perspective. Finally, from a valuation perspective, after the previous decline, the current performance of Lao Pu corresponding to 2026 is only about 17x. According to Dolphin Research's revised model based on the interim report, the DCF valuation exceeds HKD 170 billion, with an upside potential of over 40%. Whether to invest ultimately depends on whether Lao Pu can attract more consumers to focus on its logo rather than its design and the underlying gold price during this main upward wave of gold prices.

Gold.com

ETFS Capital Ltd.

Urban Edge Properties

Pathward Fin

AMTD Digital

INTR

TSLA

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Tesla Quick Interpretation: Overall, regarding Tesla's third-quarter performance, the results are fairly decent. Both total revenue and total gross profit exceeded market expectations. However, net profit slightly fell short of expectations due to increased expenses.From the perspective of the automotive business, which is the market's primary concern, Tesla's third-quarter vehicle sales revenue surpassed expectations. The core reason is that the market anticipated a quarter-on-quarter decline in Tesla's vehicle sales revenue, but the actual performance showed that the average selling price remained stable compared to the previous quarter.Dolphin Research believes this is mainly due to Tesla raising the prices of Model S/X in the United States and launching the higher-priced Model L version in China, offsetting the discounts on inventory Model 3/Y vehicles and loan discount offers in various regions.Regarding the most critical vehicle gross margin (excluding carbon credits), this quarter's vehicle gross margin improved quarter-on-quarter, aligning with market expectations. The quarter-on-quarter improvement in vehicle gross margin (excluding carbon credits) is attributed to the quarter-on-quarter increase in delivery volume, which released scale effects and reduced fixed per-unit amortized costs. However, Tesla was still affected by over $400 million in tariffs this quarter, increasing the variable cost per vehicle. Ultimately, the automotive business gross margin was generally in line with expectations.Since the second-quarter report, Tesla's stock price has reached a high of 439, which already reflects relatively full expectations for AI business and the upcoming mass production of Optimus. Therefore, compared to the third-quarter performance, the market is more concerned about the progress of Tesla's anticipated business.In this earnings call, it was confirmed that the reduced configuration version of Model 3/Y has replaced the plan for the low-cost Model 2.5. Instead, Tesla is more focused on the mass production of the autonomous Cybercab (expected to start mass production in Q2 next year). Due to the U.S. IRA subsidies phasing out in the fourth quarter, U.S. demand will face significant pressure. Without the support of Model 2.5, the fundamentals of vehicle sales in the fourth quarter are expected to continue deteriorating.Additionally, the release and mass production plan for the Optimus 3.0 prototype has been further delayed (Optimus P3 prototype release in Q1 2026, with mass production planning starting at the end of 2026), undoubtedly pouring cold water on the anticipated business. $Tesla(TSLA.US)

Inter

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Regency Centres Pref Share REG 5.875 Perp 09/21/23

Regency Centers Pref Share REG 6.25 Perp 09/21/23

Panagora Increases Holdings in Hasbro

Seaport Global analyst maintains buy rating on Hasbro

Swiss Bank Analyst Maintains Buy Rating on Hasbro

Hope F Cochran Sells 4,000 Shares of Hasbro

Hasbro Reports Q3 2025 Financial Data

Wolfe Research Raises Hasbro's Target Price to $90

Focus Partners Buys Shares in Hasbro, CEO Reduces Holdings

Hasbro Reports 8% Drop in Consumer Revenue in Q3, to Showcase Products at Saudi Expo

Analyst Maintains Strong Buy Rating on Hasbro Stock

Hasbro released FY2025 9 Months earnings on October 23 Pre-Market (EST), actual revenue USD 3.255 B, actual EPS USD -3.76

Hasbro released FY2025 Q3 earnings on October 23 Pre-Market (EST), actual revenue USD 1.388 B (forecast USD 1.347 B), actual EPS USD 1.64 (forecast USD 1.6633)

Hasbro expects 30% of toy and game revenue to come from US sourcing by 2026

Hasbro CFO says strong business momentum entering Q4

Hasbro Anticipates Yearly Revenue Decline

The Little Tikes Company partners with Hasbro to launch Peppa Pig toys

Hasbro Reports Q3 Adjusted EPS Above Estimates

Hasbro Reports Q3 2025 Revenue above Expectations but EPS Below Expectations

Hasbro Reports Q3 Net Income of $233.9 Million

Hasbro Raises Annual Revenue Forecast

Hasbro Reaches Licensing Agreement with Netflix, Shares Rise

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Tryhard

Roundhill Cannabis ETF

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Tilray Brands

Hasbro, Inc. (HAS.US) Q3 2025 Earnings Conference Call

Hasbro, Inc. (HAS.US) Q2 2025 Earnings Conference Call

Hasbro, Inc. (HAS.US) Q4 2024 Earnings Conference Call

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