TMTB: APP CVNA SWKS ARM First Takes

APP +13%: Big beat driven by advertising. Ad revenue hit $1.15B (vs ~$1.1B bogey), while Advertising EBITDA surged to $980M (vs. $813M consensus).

Q2 guide was also strong: Revenue of $1.195–1.215B (vs. Street $1.11B) and 81% EBITDA margin, implying ~$980M EBITDA — 13% above the $870M street #.

Lots of fears on this one given the variety of short reports we’ve seen over the last couple months so these results should have bulls feeling a bit better.

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CVNA -6%: Solid March Q in line with bogeys although June guide leaves something to be desired

Better metrics all around vs street and inline with bogeys:

• Revenue came in at $4.23 bn, roughly +7 % above the Street’s $3.95 bn, driven by 46 % YoY growth in retail units sold.

• Retail units reached 133,898 versus ~126 k expected (+6–7 % beat).

• Adjusted EBITDA printed $488 m, about +$50 m (~12 %) better than the street at ~$437M consensus (11.5 % margin vs. the Street’s 11.3 %)

• Gross-profit-per-unit $6.94B, above street at $6.8k

Management guided to sequential step up in units and adjusted EBITDA for Q2 — street is at 495M so implied >$488M a bit light of that but mgmt typically guides conservative and should get a bit of a pass given the big beat and better GPU numbers. However, expectations were high going in (stock +75% off the bottom) so not surprising to see stock down.

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SWKS +3.5%: Solid quarter with better-than-expected guidance, likely enough to support the stock.

The focus now shifts to management’s commentary on potential pull-forward and macro trends.