Earnings Calls

Pinterest launched its AI-powered "Performance+" suite broadly in Q1 2026, aiming to automate ad targeting and creative optimization for advertisers. Monthly active users crossed 550M globally in the prior quarter, but ARPU growth outside North America remained sluggish. The company missed Q4 2025 EPS estimates, citing higher-than-expected content and AI infrastructure costs.

Revenue per user trends in international markets and any quantified impact from Performance+ on advertiser ROI. Management commentary on operating expense trajectory and path to sustained margin expansion.

AMD reported record data center GPU revenue in Q4 2025 driven by MI300X demand and secured expanded AI chip supply agreements with TSMC through 2027. The company launched its MI350 series in early 2026, targeting direct competition with NVIDIA's Blackwell architecture. AMD's stock has surged nearly 66% over the past month on AI infrastructure spending momentum.

Data center segment revenue and MI300/MI350 forward order commentary versus the $6.75 EPS estimate. Any updated full-year 2026 AI revenue guidance or changes to gross margin outlook.

PayPal continued its turnaround under CEO Alex Chriss, rolling out a revamped checkout experience and Fastlane guest checkout to major merchants in Q1 2026. Transaction margin dollars — management's preferred metric — grew mid-single digits last quarter but fell short of expectations, contributing to the Q4 miss. The company completed a $5B accelerated share repurchase program in early 2026.

Transaction margin dollar growth rate and branded checkout volume trends as the clearest indicators of turnaround progress. Venmo monetization metrics and updated 2026 guidance.

Shopify expanded its enterprise push with the broader rollout of Commerce Components, landing several large retailers in Q1 2026. The company missed Q4 2025 estimates as merchant solutions revenue growth decelerated to the mid-20s percent range. Shopify also deepened its AI integration across its platform, launching Shopify Magic tools for inventory management and storefront personalization.

Gross merchandise volume growth rate and merchant solutions take rate to gauge platform health. Commentary on enterprise pipeline and any updated full-year revenue growth targets.

Fortinet has been a primary beneficiary of the ongoing firewall refresh cycle as enterprises replace aging FortiGate appliances, driving billings growth reacceleration through early 2026. The company extended its Unified SASE platform with new AI-powered threat detection features and expanded its OT security portfolio. Fortinet has beaten EPS estimates four consecutive quarters.

Billings growth rate and remaining performance obligations as the leading indicators of the refresh cycle's durability. Product revenue versus service revenue mix shift.

Snap reported two consecutive EPS beats through late 2025, driven by improved direct-response advertising and growth in Snapchat+ paid subscribers, which surpassed 12M. The company restructured its sales organization in early 2026 to focus on small and mid-size business advertisers. Snap's stock has rallied 36% over the past month, its sharpest move in over a year.

Daily active user growth trajectory and average revenue per user in North America. Any commentary on advertiser demand trends heading into Q2 and Snapchat+ subscriber count.

Uber missed Q4 2025 EPS estimates as insurance costs and driver incentive spending came in above expectations, pressuring mobility margins. The company expanded its autonomous vehicle partnerships, signing a multi-city deal with Waymo and piloting AV deliveries in select markets. Uber also acquired a food delivery logistics startup in Europe to deepen its delivery network.

Gross bookings growth across mobility and delivery, and whether EBITDA margins recover from last quarter's miss. Autonomous vehicle deployment timeline updates and any revised 2026 free cash flow guidance.

Airbnb missed Q4 2025 estimates as nights booked growth slowed to low double digits amid softer cross-border travel demand in Europe and Asia. In early 2026, the company launched a major product refresh including AI-powered trip planning tools and expanded its "Icons" and "Experiences" categories. Airbnb also announced a new $6B share repurchase authorization.

Nights and experiences booked growth rate and average daily rate trends heading into the summer travel season. Forward commentary on cross-border travel demand and supply growth in non-urban markets.

Datadog has beaten EPS estimates four straight quarters, fueled by expanding adoption of its AI observability and cloud security products. The company launched LLM Observability and AI Integrations tools in recent quarters, positioning itself as a core infrastructure layer for enterprises deploying AI workloads. Datadog's remaining performance obligations grew above 40% year-over-year last quarter.

Net revenue retention rate and number of customers spending $100K+ annually as demand signals. Any quantified contribution from AI-related products to total ARR.

HubSpot has beaten EPS four consecutive quarters as its multi-hub platform strategy drives seat expansion in enterprise accounts. The company launched Breeze AI agents across its CRM suite in late 2025, with early adoption metrics showing increased product engagement. HubSpot's stock is down 2% over the past month despite the broader tech rally, reflecting some valuation caution at current multiples.

Average subscription revenue per customer and enterprise (50+ seat) cohort growth. Management commentary on AI agent adoption and any pricing changes tied to Breeze features.

McDonald's reported a modest Q4 2025 EPS beat but flagged softening same-store sales in the U.S. as value-conscious consumers pulled back on dining-out frequency. The company expanded its $5 Meal Deal nationally through 2026 and accelerated digital ordering and loyalty program membership, which surpassed 175M globally. McDonald's stock has declined 6.7% over the past month, underperforming the broader market.

U.S. and international comparable same-store sales growth rates, particularly traffic versus ticket trends. Any updated commentary on commodity cost inflation and pricing strategy for the second half of 2026.

Cloudflare has beaten EPS three straight quarters as enterprise adoption of its Workers AI and zero-trust security products accelerated. The company expanded its global network to over 330 cities and launched new AI inference-at-the-edge capabilities in early 2026, targeting developers building AI applications. Large customer (>$100K ARR) count grew above 30% year-over-year in the prior quarter.

Large customer count growth and dollar-based net retention rate as indicators of enterprise spending momentum. Revenue contribution from AI-related products and updated annualized revenue run-rate for Workers AI.