In today’s briefing:
- Adobe 2Q’23 Update
- Applied Materials Inc.: Launch of New R&D Facility & Other Drivers
- Autodesk Inc.: Next-Generation Building Design On the Cloud – Key Drivers
- Marvell Technology Inc.: Launch Of Silicon Interconnects A Possible Game Changer? – Key Drivers
- NetEase Inc.: Launch of Multifunctional Studio & Other Developments
Adobe 2Q’23 Update
- Revenue: Digital Media net new ARR $470 Mn ($50 mn higher than guide).
Gross Margin: Digital Media gross margin remains steady at ~96%, but Digital Experience posted its highest ever gross margin of 67.3% in 2Q’23.
Cost Structure: 2Q’23 GAAP operating margin was 33.7%, down from 34.9% in 2Q’22.
Applied Materials Inc.: Launch of New R&D Facility & Other Drivers
- Applied Materials managed to surpass the revenue expectations as well as the earnings expectations of Wall Street.
- Despite weaknesses in consumer electronics, the company sees robust demand driven by technology inflections and regional supply chain investments.
- Applied Materials noted that leading-edge foundry logic customers have adjusted their spending plans but remain committed to their long-term roadmaps.
Autodesk Inc.: Next-Generation Building Design On the Cloud – Key Drivers
- The last quarter was decent for Autodesk as it managed to meet the revenue expectations as well as the earnings expectations of Wall Street.
- Key indicators remained consistent with the previous quarter, with modest growth in product usage, record bid activity on BuildingConnected, and improved renewal rates.
- Autodesk is driving innovation and transformation, shifting from products to capabilities, exemplified by the successful launch of the AEC industry cloud, Forma.
Marvell Technology Inc.: Launch Of Silicon Interconnects A Possible Game Changer? – Key Drivers
- Marvell managed to exceed analyst expectations in terms of revenue as well as earnings.
- The company sees significant opportunities in the AI sector, as AI data centers require high-capacity, low-latency connectivity, driving demand for Marvell’s PAM4 optical DSP platform.
- Marvell expects the AI trend to continue growing, with plans to double revenue in fiscal 2024 and at least double it again in fiscal 2025.
NetEase Inc.: Launch of Multifunctional Studio & Other Developments
- NetEase delivered a mixed result in the recent quarter with revenues above market expectations but it failed to surpass the analyst consensus in terms of earnings.
- The company experienced positive momentum with increased net revenues and significant growth in net income attributable to NetEase shareholders.
- The company’s strong growth in Q3, with increased revenues, robust net income, and sustained Chinese audience engagement, positions them for future success.
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