TMTB: ARM APP DASH FTNT COHR SNAP First Takes

ARM +4%: Strong Beat Across Segments, Buyside Expectations Exceeded

Solid print from ARM, with results topping buyside expectations across both royalty and licensing lines. Investors were anticipating a modest top-line beat, but this a bit better than expectations suggesting momentum across end markets.

C3Q/F2Q Results:
Revenue $1.14B vs. Street $1.06B
Operating Margin $0.39 vs. Street $0.33
Royalty Revenue $620M vs. Street $587M
License Revenue $515M vs. Street $473M

C4Q/F3Q Guidance:
Revenue $1.225B vs. Street $1.11B
EPS $0.41 vs. Street $0.35

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APP +4%: 3Q solid beat vs street and inline with bogeys while 4Q guide is better

Results good enough to keep the bull case alive into ‘26 and focus now shifts to call where most investors are hoping for a repeat CEO performance from last q

3Q Revs $1.41B vs street at $1.34B and inline with bogeys
3Q EBITDA 1.16B vs 1.09B

4Q Revs $1.57 - $1.6B vs street at $1.55B and bogeys of $1.55B+
4Q EBITDA $1.29 - $1.32B vs street at $1.27B

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FTNT -8%: Mixed Quarter, Billings Fails to Shift Bearish Sentiment

One of the most crowded shorts into the print, and results offered little to change the narrative. While billings and product revenue were roughly in line, the guidance landed near the midpoint of expectations—likely below what bulls were hoping for. The numbers do little to alleviate concerns about slowing growth after the upgrade cycle, and with limited catalysts ahead, unlikely to shake bears’ conviction.

C3Q Results:
Billings $1.81B vs. guidance $1.76–1.84B (buyside leaned toward upper half)
Product Revenue $559M vs. Street $531M

F4Q Guidance:
Billings $2.185–2.285B vs. Street $2.23B

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DASH -17%: Oof. 3Q GOV looks ok, but misses Q4 GOV and big whiff on Q3/Q4 EBITDA will fuel investment cycle concerns