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Below is Dolphin Research's full earnings call Trans for $Costco Wholesale(COST.US) FY26 Q1. For our First Take, see 'US Gov. shutdown victim? Is Costco's last leg down?'1) Key metrics recap. Headline results: net income of $2.001bn and diluted EPS of $4.50.Excluding tax benefits related to SBC, net income and EPS rose 13.6% YoY. Sales: net sales were $65.98bn (+8.2% YoY), with comps up 6.4%...

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COST (Trans): Confident on inflation; plans to open 30 warehouses annually.

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1105 ｜Dolphin Research Key Focus: 🐬 Macro/Industry 1. China has made adjustments to its tariff policy on the United States, announcing the suspension of the previously imposed 24% tariff rate on certain imported goods originating from the United States, while retaining the 10% additional tariff rate. The policy adjustment focuses on balancing trade costs and domestic demand, specifically covering a range of goods including machinery and electronic components. In the short term, the policy will alleviate market concerns about the 'escalation of the tariff war,' while in the long term, further adjustments to tariffs will need to be assessed based on the progress of Sino-US economic and trade negotiations...

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Elon Musk reveals new information about Tesla AI5; CDF plans its first interim dividend | Today's Important News Recap

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The following are the FY25Q3 earnings call minutes compiled by Dolphin Research. For earnings interpretation, please refer to &#34;Uber: Performance is Fine, but Scared by Robotaxi Again?&#34; 1. Review of Core Financial Data Trip Count: Increased by 22%, marking the fastest growth rate since 2023. User Growth: User base grew by 17%; user activity increased by 4%. Financial Performance: Total bookings grew by 21%, with the average price per trip remaining stable; adjusted EBITDA and free cash flow reached record highs...

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Uber (Minutes): Deliberately slowing profit margin growth, AV will not be profitable for a long time

Uber

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&#34;International Didi&#34; Uber released its Q3 2025 financial report before the U.S. stock market opened on the evening of November 4. Overall, it showed outstanding performance on the growth side, with accelerated growth surpassing expectations. However, while absolute profit growth was decent, it slightly underperformed compared to high expectations, and the momentum of profit margin expansion has significantly narrowed. The detailed points are as follows: 1. Ride-hailing was decent, while food delivery was &#34;truly&#34; strong: This quarter, the order volume of the ride-hailing (Mobility) business grew by 20% year-on-year, with a significant quarter-on-quarter acceleration of 4 percentage points. However, excluding the impact of exchange rates, the actual quarter-on-quarter acceleration was only 1 percentage point...

DiDi

Uber: Performance is flawless, but scared by Robotaxi again?

Uber 3Q25 Quick Interpretation: This quarter, Uber's overall performance shows strong growth, but the profit is not impressive, falling short of expectations. The core growth metric—order value growth rate accelerated significantly to nearly 20% quarter-on-quarter, which is quite strong. However, expenses deviated from the previous growth rate of no more than 10%, sometimes even negative, and surged to 26% this quarter, resulting in this quarter's adj. EBITDA growth of 33.5% year-on-year, which is also decent, but slightly below expectations. Regarding guidance for the next quarter, the expected median growth rate of total order value is nearly 20%, continuing to accelerate from this quarter and slightly exceeding expectations. However, the implied median year-on-year growth of adj. EBITDA is 33.6%, which is still good but also below the market's higher expectations. Overall, the performance is quite decent, but under high stock prices and expectations, it also appears somewhat &#34;limping.&#34; Specifically: 1) Firstly, the core order value (food delivery + ride-hailing) growth rate accelerated quarter-on-quarter, mainly due to the increase in active users (+17% yoy) and higher order frequency (+4.3% yoy). According to the company, the development of fresh grocery delivery business has made a significant contribution to customer acquisition and enhancing user stickiness. Coupled with the decline in average order value, the company's increased supply of low-priced products (especially in the ride-hailing business) should also be another reason for the significant acceleration in order volume growth. 2) By segment, the performance of the delivery business is stronger than the ride-hailing business. Likely due to the impact of product structure decline, although the ride-hailing business order value growth rate increased by 4 percentage points quarter-on-quarter, revenue growth only increased by about 1 percentage point quarter-on-quarter, and the monetization rate decreased by 0.1 percentage points quarter-on-quarter. In contrast, the delivery business revenue accelerated nearly 4 percentage points quarter-on-quarter, similar to order value, and revenue growth was higher than order value. This clearly reflects the good development trend of the delivery business under the benefits of fresh delivery and advertising monetization. 3) However, although business growth is strong and high-margin advertising revenue should continue to rise, the actual gross margin is only flat quarter-on-quarter. Meanwhile, expenses also accelerated with business growth, returning to an expansion trend (although there was nearly 500 million in one-time legal expenses this quarter). Even excluding these one-time impacts under the adj. EBITDA metric, the profit margin of the e-commerce segment (as a percentage of order value) narrowed, and the delivery business profit margin declined by 0.1 percentage points quarter-on-quarter. The trend of profit margin expansion has stalled.

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1029 | Dolphin Research Key Focus: 🐬 Macro/Industry 1. On October 28th, Eastern US time, the Federal Reserve began its two-day FOMC meeting, with the latest interest rate decision to be announced on the afternoon of the 29th local time (early morning of the 30th Beijing time). The market generally expects a 25 basis point rate cut, with the focus on whether the balance sheet reduction will end and the policy signals for December. Due to the government shutdown, the absence of key data such as employment, and significant internal disagreements on inflation risks and the pace of easing, some officials are concerned that a rate cut may exacerbate price pressures. 2. The spokesperson of the Ministry of Foreign Affairs announced: As agreed by both China and the US...

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The meeting between China and the U.S. is approaching; focus on tonight's Federal Reserve interest rate decision | Today's Important News Recap

The following is the earnings call minutes for $Uber Tech(UBER.US) FY25 Q2, organized by Dolphin Research. For earnings interpretation, please refer to &#34;Weak Ride-Hailing, Strong Food Delivery, Is Uber at a Crossroads Again?&#34; 1. Review of Core Financial Information 1. User Growth: Uber achieved a historical high in user numbers and usage frequency in the second quarter. Over the past 12 months, consumers accessed the Uber app nearly 30 billion times. 2. Engagement Metrics: Both trip volume and total bookings achieved a strong growth of 18%. The company reached historical highs in both user numbers and usage frequency...

Uber (Minutes): Autonomous ride-hailing is far from profitability, 50% of cash flow will be returned to shareholders

&#34;International Didi&#34; $Uber Tech(UBER.US) released its Q2 2025 financial report on the evening of August 6th before the U.S. stock market opened. Overall, the performance was stable, with few highlights or shortcomings. The detailed points are as follows: 1. Ride-hailing business underperformed expectations again: The main shortcoming of this performance was that the growth rate of ride-hailing business orders underperformed expectations again, with an actual year-on-year growth of 15.6%, below the sell-side expectation of 16.3%. Although the underperformance was not significant, the market was generally optimistic about the performance beforehand, especially considering the favorable exchange rate conditions, which was somewhat disappointing. Additionally...

Weak ride-hailing, strong food delivery, is Uber at another crossroads?

Uber 2Q25 Quick Interpretation: Overall, this quarter's performance is stable, with few surprises or disappointments.The biggest flaw is that the Mobility ride-hailing business slightly underperformed market expectations in terms of actual order value, which dragged down the revenue and profit of this segment. Other indicators generally met or slightly exceeded expectations.Specifically:1) The ride-hailing business order value grew by 15.6% year-on-year, slightly below the expected 16.3%. Although the nominal growth rate appears to have improved quarter-on-quarter, excluding the impact of exchange rates, the order value grew by 18% at constant currency this quarter, which is a slowdown from the previous quarter's 20%.This is somewhat disappointing for a market that originally expected strong growth in ride-hailing this quarter.2) In contrast, the Delivery business, which the market had low expectations for, performed beyond expectations.This quarter, the order value grew nearly 20% year-on-year, significantly accelerating from the previous quarter's 15% and clearly outperforming market expectations. Excluding exchange rate effects, the real growth rate also accelerated by 2 percentage points quarter-on-quarter.3) Due to the offsetting expectations between the ride-hailing and delivery businesses, total revenue for the quarter basically met expectations, with a slight increase of 1 percentage point in growth rate at constant currency quarter-on-quarter.However, the gross margin slightly decreased by 0.1 percentage points quarter-on-quarter, and total expenses were slightly higher than expected (by 1.3%).This resulted in the final operating profit being 20 million lower than expected. Although the gap is small, in a market expecting outperformance, merely meeting expectations is certainly not considered good.4) For the next quarter's guidance, the company indicates a midpoint of total order value growth of about 19% year-on-year, which is significantly better than the market's expectation of 16%.However, this guidance includes a 1 percentage point tailwind from the acquisition of the Trendoy delivery business. Excluding this impact and exchange rate factors, the actual growth midpoint is 18%, the same as this quarter.The profit guidance (adj. EBITDA) is 2.24 billion, which is basically in line with market expectations. The implied midpoint of year-on-year growth is 32.5%, slightly slowing from this quarter's 35%.$Uber Tech(UBER.US)

Below is the earnings call $Uber Tech(UBER.US) FY25 Q1 Minutes. For Quick Interpretation of the earnings report, please refer to &#34;Undeterred by Headwinds, 'Overseas Didi' Uber Still Shows Strong Execution&#34;. I. Key Earnings Highlights II. Detailed Earnings Call Content 2.1 Key Messages from Management 1. Strategic Initiatives: Uber partnered with Waymo in Austin, deploying around 100 highly utilized vehicles. Additionally, the company announced a partnership with OpenTable to integrate dining, delivery, and transportation services...

Uber (Minutes): Don't expect ride-hailing growth to slow down in the second half of the year

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Uber and Lyft Partner with Baidu to Launch Autonomous Taxis in the UK in 2026

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Uber Allows Drivers With Criminal Records Leading to Passenger Safety Issues

Uber Partners with Baidu for Self-Driving Taxi Pilot in the UK

RBC Capital Reiterates Uber Tech's 'Outperform' Rating with $110 Price Target

UBER Receives Significant Bullish Options Trading

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Uber CFO Exercises and Surrenders Shares

Uber VP Jill Hazelbaker Exercises Shares and Returns Some Holdings

Uber President Exercises and Sells Shares

Uber Vice President Krishnamurthy Exercises Stock Options and Sells Shares

RBC Capital Analyst Maintains Buy Rating on Uber

RBC Downgrades Uber Target Price

Uber's Propaganda of Limiting Compensation Petition in California Criticized by Consumer Watchdog Groups

Ftc Files Amended Complaint Against Uber Alleging Fraud

Uber CEO States Intent to Continue Investment in Hong Kong and Discusses Ride-hailing and Robotaxi

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