Some semis are value stocks. Samsung fleshed out its preliminary report by reporting another very good quarter supported by strong chip pricing thanks to the current shortage. Despite signs that the cycle may be peaking, Samsung has already sold off quite some distance and is beginning to look attractive again on valuation. Q3 2021 revenues / net income were KRW74.0tn...
Alphabet Q3 2021 – Very little Apple effect. Alphabet reported excellent results but weakness at YouTube, Google Cloud, and a muted share price response continue to imply that the shares are fully valued leaving me pretty unexcited. Q3 2021 revenues ex-TAC / EPS were $53.6bn / $27.99 compared to estimates of $52.6bn / $23.50 as most of the business was...
Facebook puts its money where its mouth is. Users are still not deserting Facebook despite all of the bad press but the real story here is that Facebook is going to invest at least $10bn a year in building the Metaverse. Facebook reported reasonable results but there are significant headwinds that will take some time to deal with which will...
Intel Q3 2021 – The price of progress. Intel reported excellent Q3 2021 results and reasonable 2021 guidance, but it turns out that investments have to be paid for before returns materialise, and it was this realisation that led the market lower. Q3 2021 revenues / EPS were $19.91bn / $1.67 well ahead of consensus at $18.24bn / $1.08...
Radio Free Mobile is taking a short break and will return on Monday 25th October.
Apple tries to get its nose under the OEM’s tent. Apple is working on ways to enable users to access vehicle functions such as seats or climate control from within CarPlay in a move that would herald the beginning of the end for the digital aspirations of the OEMs. Bloomberg has unearthed a new project by Apple called IronHeart that...
This is not about money. I think that Google is hoping to use the parts of the previous ruling that were favourable to Apple in order to set a legal precedent that it hopes will enable it to lengthen the time it can maintain a dominant position in-app distribution. Google’s countersuit against Epic Games is for breach of contract after...
An EU investigation was expected. The EU is extremely likely to opt for a deeper investigation into the acquisition of Arm by NVIDIA in a move that was very predictable and, in my opinion, does not change the situation in any meaningful way. Reuters (see here) is reporting that the EU is ending its preliminary investigation into the deal on...
Magic Leap is back and has a seat at the table. Magic Leap is back in contention with a new device and a funding round, but the company has not said anything that has not already been said by everyone else, leaving me wondering where it plans on finding its competitive edge outside of hardware. After what looked like certain...
Richard is founder, owner of research company, Radio Free Mobile. He has 16 years of experience working in sell side equity research. During his 11 year tenure at Nomura Securities, he focused on the equity coverage of the Global Technology sector.
Apple FQ4 21 and Amazon Q3 21 – FAANG Slip
Apple FQ4 2021 – Not so chipper. Apple reported disappointing results as a result of the ongoing supply chain difficulties and also warned that the problems were getting worse going into Q4 2021. Revenues / EPS were $83.4bn / $1.24 behind forecasts of $84.7bn / $1.24 and it warned that the supply chain issues would cause $6bn of demand to...