TMTB: AMZN ABNB RDDT First Takes

AMZN -3%: AWS +17% (bogey had probably moved up to 18% after Azure) but inline with street…Q2 Op inc below …rest of print looks fine with Q1 in line/above + Q2 sales above

No mention of tariffs yet…

Seems ok to me - key will be more color on the Q2 EBIT guide on the call and what exactly they are modeling in for tariff impact or what else is potentially driving the miss

Q1 Revs $92.89 vs street at $92.63
Q1 Op inc $18.4B vs street at $17.5B and above bogeys of $18B
Q1 Ad Revs strong at $13.9B vs $13.75B
Q2 Revs: $159 - $164B vs street at $161.4B, slightly above bogeys of $162B at high end
Q2 Op Inc $13-$17.5B vs street at $17.7B below bogeys of $17.5B

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ABNB -3%: Looks in line with bogeys but calls out weakness in U.S. in April

During April, we saw strong demand for Easter travel from Latin America–which remains our fastest growing region. Whereas in the U.S., we’ve seen relatively softer results, which we believe has been largely driven by broader economic uncertainties.

Overall results look fine - Q2 nights below street but roughly in line with what buyside was expecting. Will look on the call for more commentary around demand

Q1 Revs: $2.27B inline with street
Q1 EBITDA: $417B vs street at $363.9M
Nights +8% y/y vs street at 8.3% and bogey of 8.5%

Q2 Revs $2.99B - $3.05B, 9-11% (2ppts easter benefit) vs street at $3.04b
Q2 Nights: y/y growth moderate vs Q1 — in line with bogeys but below street at 9.1%
Q2 ADR flat y/y
Q2 EBITDA: increase y/y but margin slight to down vs Q2 2024 as marketing expense will grow faster

Reiterate at least 34.5% EBITDA margin

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RDDT +16%: Strong Q1 beat while Q2 well above street/bogeys

Lots of fears here around potential ad spend so the better Q2 will help at least alleviate some of those.

1Q Revs beat at $392.4M vs cons $369.3M (bogeys only had a $20M beat)
Q1 EBTIDA $115.3M vs street $89M.
Q1 DAUS ahead at 108.1M vs street 107.2M, in line with bogeys
Q1 ARPU of $3.63 vs street $3.44

Q1 Guide:

Revs $410-$430M vs cons $390.74M, well above bogeys of in line with street.
Q2 EBITDA to $110-$130M vs cons $103.2M