TMTB: META MSFT QCOM First Takes

Solid prints from Tech so far…

META +4%: Looks solid. Better Q1/Q2 revs. Lowers opex to $113-$118B from $114-$119B. Raises Capex to $64B to $72B from $60-$65B (didn’t hear many expect this raise)

Q2 Rev guide high end $45.5B vs bogeys of $44B

Capex raise good for semis, but some META investors might question given potential top line macro/tariff headwinds. Watch AVGO, CLS, NVDA on capex raise…

Eyes and ears will be on go forward demand commentary…

META RESULTS: Q1
- Revenue $42.31B, +16% y/y, EST $41.38B
- Advertising rev. $41.39B, +16% y/y, EST $40.55B
- Family of Apps revenue $41.90B, +16% y/y, EST $40.89B
- Reality Labs revenue $412M, -6.4% y/y, EST $496M
- Other revenue $510M, +34% y/y, EST $498.6M
- Operating income $17.56B, +27% y/y, EST $15.52B
- Family of Apps operating income $21.77B, +23% y/y, EST $20.04B
- Reality Labs operating loss $4.21B, +9.5% y/y, EST loss $4.54B
- Operating margin 41% vs. 38% y/y, EST 37.5%
- EPS $6.43 vs. $4.71 y/y, EST $5.25
- Ad impressions +5% vs. +20% y/y, EST +6.87%
- Average price per ad +10% vs. +6% y/y, EST +6.75%
- Average Family service users per day 3.43B, +5.9% y/y, EST 3.33B

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MSFT +6%: Azure +33% cc vs street/bogeys at 31%. Much better Revs. Guide comes on the call but looking good so far…