Technical Analysis – 08 May 2025

United States | Singapore | Hong Kong | Earnings

Salesforce, Inc. (CRM US)

• Shares closed higher above the 50dEMA. 5dEMA is about to cross the 50dEMA.
  
• MACD is positive, RSI is constructive.
  
• Long – Entry 275, Target 305, Stop 260
  

International Business Machines Corp. (IBM US)

• Shares closed at a high since March 2025. 20dEMA just crossed the 50dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 250, Target 264, Stop 243
  

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DFI Retail Group Holdings Ltd. (DFI SP)

• Shares closed at a 52-week high with constructive volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Buy – Entry 2.70, Target 2.90, Stop 2.60
  

Jardine Matheson Holdings Ltd. (JM SP)

• Shares closed at a 52-week high with a surge in volume.
  
• MACD is positive, RSI is at an overbought level.
  
• Buy – Entry 48.0 Target 51.0, Stop 46.5
  

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Trip.com Group Ltd (9961 HK)

• Shares closed at a one-month high above the 50dEMA with a surge in volume. The 20dEMA is about to cross the 200dEMA.
  
• Both RSI and MACD are constructive.
  
• Long – Entry 478, Target 518, Stop 458
  
  
  
  
  

  

  
  

Tongcheng Travel Holdings Ltd (780 HK)

• Shares formed an inverted hammer pattern and closed above the 5dEMA.
  
• RSI is constructive, while MACD is negative.
  
• Long – Entry 20.8, Target 22.4, Stop 20.0
  
  
  

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Uber Technologies Inc. (UBER)

• 1Q25 Revenue: $11.53B, +13.8% YoY, miss estimates by $90M
  
• 1Q25 GAAP EPS: $0.83, beat estimates by $0.33
  
• 2Q25 Guidance: Expect gross bookings to be between $45.75B and $47.25B, compared with Wall Street expectations of $45.83B and anticipates a 1.5% currency-related drag on gross bookings growth. Adjusted core earnings between $2.02B and $2.12B compared to estimates of $2.04B.
  
• Comment: Uber reported its slowest ride-hailing revenue growth since the pandemic, with first-quarter revenue rising 14% to US$11.53bn, slightly below estimates. Ride-hailing revenue rose 15%, while delivery grew 18%, meeting expectations. U.S. travel demand softened, reflected in a higher mix of international trips. Despite this, Uber posted better-than-expected profit of US$0.83 per share compared to forecast of US$0.50 and issued an upbeat Q2 outlook, projecting gross bookings of $45.75bn-$47.25bn and adjusted EBITDA of $2.02bn-$2.12bn, both ahead of consensus. The company is leaning on international markets, delivery expansion, and autonomous vehicle partnerships, with Waymo and Pony AI, to offset U.S. softness. Uber also announced a US$700mn acquisition of Turkish delivery platform Trendyol Go and launched a US$2.99 monthly subscription service, Price Lock Pass, to attract budget-conscious riders. Uber is well-positioned to navigate near-term U.S. demand softness through its diversified global footprint, expanding delivery ecosystem, and deepening investments in autonomous mobility. Continued international growth, coupled with strategic acquisitions and automation initiatives, should underpin long-term gross bookings and margin expansion, amidst macro uncertainties like tariffs and currency headwinds. 2Q25 recommended trading range: $82 to $86. Neutral Outlook.
  

优步科技 (UBER)

25财年第一季营收：115.3亿美元，同比增长13.8%，低于预期9,000万美元

25财年第一季GAAP每股收益：0.83美元，超出预期0.33美元

25财年第二季指引：预计总预订额在457.5亿美元至472.5亿美元之间，而华尔街预期为458.3亿美元，并预计汇率波动将对总预订额增长造成1.5%的拖累。调整后核心收益预计在20.2亿美元至21.2亿美元之间，市场预期为20.4亿美元。

短评：优步公布了自疫情以来最慢的网约车营收增长，第一季度营收增长14%至115.3亿美元，略低于预期。网约车营收增长15%，外卖业务增长18%，符合预期。美国出行需求有所放缓，这反映在国际出行比例的上升。尽管如此，优步公布的每股收益为0.83美元，好于预期的0.50美元，并发布了乐观的第二季度展望，预计总预订额为457.5亿美元至472.5亿美元，调整后EBITDA为20.2亿美元至21.2亿美元，均高于市场普遍预期。该公司正依赖国际市场、外卖业务扩张以及与Waymo和Pony AI等自动驾驶汽车公司的合作，以抵消美国市场的疲软。优步还宣布以7亿美元收购土耳其外卖平台Trendyol Go，并推出了每月2.99美元的订阅服务Price Lock Pass，以吸引注重预算的乘客。通过其多元化的全球布局、不断扩大的外卖生态系统以及在自动驾驶领域的深入投资，优步有能力应对美国市场近期的需求疲软。持续的国际增长，加上战略收购和自动化举措，应能在中美贸易摩擦和汇率波动等宏观不确定性中支撑其长期总预订额和利润率的扩张。25财年第二季建议交易区间：82美元至86美元。中性前景。

Walt Disney Co. (DIS)

• 2Q25 Revenue: $23.6B, +6.8% YoY, beat estimates by $470M
  
• 2Q25 Non-GAAP EPS: $1.45, beat estimates by $0.24
  
• FY25 Guidance: Expect adjusted earnings per share of $5.75 for FY25, an increase of 16% from the prior fiscal year. Reiterated guidance for 6% to 8% operating income growth in the parks-led Experiences division and for double-digit percentage operating income growth in the entertainment unit.
  
• Comment: Disney exceeded expectations this quarter, driven by a surprise boost in Disney+ subscriptions with 1.4mn new customers, strong Hulu growth adding 1.1mn customers, and robust performance at its theme parks and cruise lines. Revenue rose 7% to US$23.6bn and adjusted EPS was US$1.45, both beating estimates. Operating income climbed to US$4.4bn, with a 61% YoY surge in the entertainment unit and 9% growth in its parks-led Experiences segment. The company reaffirmed 6% to 8% FY25 operating income growth guidance for Experiences and double-digit growth for Entertainment. It forecast adjusted earnings per share of US$5.75 for the fiscal year. Additionally, Disney announced plans for a landmark theme park resort in Abu Dhabi, its first in the Middle East, targeting the rapidly growing tourism hub that sits within a four-hour flight of one-third of the global population. Disney is strategically positioned for revenue growth through international park expansion, streaming profitability improvements, and resilient consumer demand for experiences. The Abu Dhabi theme park signals deeper geographic diversification, while steady gains in streaming and cruise bookings should bolster earnings even amid macro uncertainty. 3Q25 recommended trading range: $90 to $110. Positive Outlook.
  

华特迪士尼公司 (DIS)

• 25财年第二季营收：236亿美元，同比增长6.8%，超出预期4.7亿美元
  
• 25财年第二季Non-GAAP每股收益：1.45美元，超出预期0.24美元
  
• 25财年指引：预计25财年调整后每股收益为5.75美元，较上一财年增长16%。重申乐园体验部门6%至8%的运营收入增长指引，以及娱乐部门两位数的运营收入增长指引。
  
• 短评：迪士尼本季度业绩超出预期，这得益于Disney+订阅用户意外增加140万，Hulu用户强劲增长110万，以及其主题公园和邮轮业务的强劲表现。营收增长7%至236亿美元，调整后每股收益为1.45美元，均超出预期。运营收入攀升至44亿美元，其中娱乐部门同比增长61%，乐园体验部门增长9%。该公司重申了25财年乐园体验部门6%至8%的运营收入增长指引，以及娱乐部门两位数的增长指引。预计本财年调整后每股收益为5.75美元。此外，迪士尼宣布计划在阿布扎比建设一个具有里程碑意义的主题公园度假区，这是其在中东的首个主题公园，目标是这个快速增长的旅游中心，该中心距离全球三分之一的人口仅四小时飞行距离。通过国际公园扩张、流媒体业务盈利能力的提高以及消费者对体验的持续需求，迪士尼在营收增长方面处于战略优势地位。阿布扎比主题公园标志着更深层次的地域多元化，而流媒体和邮轮预订量的稳步增长即使在宏观经济不确定性的情况下也应能提振收益。25财年第三季建议交易区间：90美元至110美元。积极前景。
  

Novo Nordisk A/S (NVO)

• 1Q25 Revenue: DKK78.09B, +19.5% YoY
  
• 1Q25 GAAP EPS: DKK6.53
  
• FY25 guidance: Lowered its sales growth to 13% to 21% at constant exchange rates, below the 16% to 24% previous forecast. Operating profit growth is forecast at 16% to 24%, versus 19% to 27% previously.
  
• Comment: Novo Nordisk reported a mixed quarter, with Wegovy sales declining 13% QoQ to DKK 17.36bn, missing analyst expectations. First quarter EBIT grew 22% YoY to DKK 38.79bn, beating expectations. U.S. prescriptions have stagnated since February despite increased supply, primarily due to compounded copycat versions of Wegovy and Ozempic, which have captured roughly one-third of the U.S. obesity drug market. The FDA has mandated compounders to cease production by May 22, which is expected to restore market share to Novo. Novo has recently launched Wegovy in three new countries, bringing its global footprint to 25 markets, and plans to accelerate further rollouts as supply constraints ease. The company also introduced a new direct-to-consumer online pharmacy and expanded partnerships with telehealth providers. In addition, CVS Health will broaden access to Wegovy through its Caremark pharmacy benefit manager, improving affordability and accessibility for more patients. Despite these initiatives, Novo cut its 2025 sales growth guidance to 13%-21% from 16%-24% and operating profit growth to 16%-24% from 19%-27%, the first downward revision since Wegovy’s launch. Looking ahead, Novo Nordisk is well-positioned for a recovery in U.S. Wegovy sales in 2H25 as regulatory actions curb compounder competition and insurance coverage expands. Accelerated international launches and easing supply constraints further underpin its global growth outlook. While near-term headwinds persist from competitors and potential tariff risks, Novo’s expanding geographic reach, regulatory support, and strengthened distribution strategy should help it regain momentum and drive sustainable revenue growth. 2Q25 recommended trading range: $60 to $75. Neutral Outlook.
  

诺和诺德 (NVO)

• 25财年第一季营收：780.9亿丹麦克朗，同比增长19.5%
  
• 25财年第一季GAAP每股收益：6.53丹麦克朗
  
• 25财年指引：将以固定汇率计算的销售额增长预期下调至13%至21%，低于此前16%至24%的预期。运营利润增长预期为16%至24%，低于此前19%至27%的预期。
  
• 短评：诺和诺德公布了一份喜忧参半的季度报告，其中Wegovy的季度销售额下降13%至173.6亿丹麦克朗，低于分析师预期。第一季度息税前利润同比增长22%至387.9亿丹麦克朗，超出预期。尽管供应增加，但自2月份以来，美国处方量一直停滞不前，这主要是由于Wegovy和Ozempic的仿制药已占据美国肥胖药物市场约三分之一的份额。美国食品药品监督管理局已强制要求配药长在5月22日前停止生产这些仿制药，预计这将有助于诺和诺德恢复市场份额。诺和诺德最近在三个新国家推出了Wegovy，使其全球市场拓展至25个，并计划在供应限制缓解后加快进一步的推广。该公司还推出了一家新的直接面向消费者的在线药房，并扩大了与远程医疗服务提供商的合作。此外，CVS Health将通过其Caremark药房福利管理部门扩大Wegovy的覆盖范围，提高更多患者的可负担性和可及性。尽管采取了这些举措，诺和诺德仍将其2025年销售额增长预期从16%-24%下调至13%-21%，并将运营利润增长预期从19%-27%下调至16%-24%，这是Wegovy上市以来的首次下调。展望未来，随着监管行动遏制仿制药竞争以及保险覆盖范围扩大，诺和诺德有望在2025年下半年实现美国Wegovy销售额的复苏。加速国际市场的推出和供应限制的缓解进一步支撑了其全球增长前景。尽管来自竞争对手和潜在关税风险的短期不利因素依然存在，但诺和诺德不断扩大的地域覆盖、监管支持和强化的分销策略应有助于其重拾增长势头并推动可持续的营收增长。25年第二季建议交易区间：60美元至75美元。中性前景。
  

Unity Software Inc (U)

• 1Q25 Revenue: $435M, -5.5% YoY, beat estimates by $18.37M
  
• 1Q25 Non-GAAP EPS: $0.24, beat estimates by $0.13
  
• 2Q25 Guidance: Expect total revenue between $415M and $425M and adjusted EBITDA between $70M and $75M. The company expects its Grow business to return to revenue growth and plans to continue investing in its Vector AI platform, focusing on leveraging first-party data across its ecosystem.
  
• Comment: Unity Software delivered first-quarter results that exceeded expectations, despite a 5.5% year-over-year revenue decline to $435 million. Revenue fell across both its Create and Grow Solutions segments, down 8% and 4%, respectively. The decline in Create Solutions was primarily attributed to lower professional services and consumption revenue due to the ongoing portfolio reset, though this was partially offset by strong growth in subscription revenue. Meanwhile, the drop in Grow Solutions was driven by weaker performance in select products, partially mitigated by the earlier-than-expected rollout of Unity Vector, the company’s new AI platform. Unity 6—described by the company as its “most stable and performant version”—has seen over 4.4 million downloads since launch, with 43% of active users already migrated. Unity also announced the early completion of its ad network migration to Unity Vector, with all iOS and Android traffic now operating on the platform. 2Q25 recommended trading range: $18 to $24. Neutral Outlook.
  

Unity Software (U)

• 25财年第一季营收：4.35亿美元，同比下降5.5%，超出预期1,837万美元
  
• 25财年第一季Non-GAAP每股收益：0.24美元，超出预期0.13美元
  
• 25财年第二季指引：预计总营收在4.15亿美元至4.25亿美元之间，调整后EBITDA在7,000万美元至7,500万美元之间。该公司预计其Grow业务将恢复营收增长，并计划继续投资其Vector AI平台，重点是利用其生态系统中的第一方数据。
  
• 短评：尽管第一季度营收同比下降5.5%至4.35亿美元，但Unity Software的业绩仍超出预期。其Create和Grow Solutions部门的营收均有所下降，分别下降了8%和4%。Create Solutions部门的下滑主要归因于持续的投资组合调整导致专业服务和消费收入减少，但这部分被订阅收入的强劲增长所部分抵消。与此同时，Grow Solutions部门的下滑是由于部分产品表现不佳所致，但早于预期推出的Unity Vector（公司新的AI平台）在一定程度上缓解了这一影响。Unity 6——该公司称之为“最稳定和高性能的版本”——自发布以来已获得超过440万次下载，其中43%的活跃用户已完成迁移。Unity还宣布其广告网络已提前完成向Unity Vector的迁移，所有iOS和Android流量现在都在该平台上运行。25财年第二季建议交易区间：18美元至24美元。中性前景。
  

Vistra Corp. (VST)

• 1Q25 Revenue: $3.9B, +25.8% YoY, miss estimates by $615.2M
  
• FY25 guidance: Reaffirmed 2025 Ongoing Operations Adjusted EBITDA and Ongoing Operations Adjusted FCF before growth guidance ranges of $5.5 billion to $6.1 billion and $3.0 billion to $3.6 billion, respectively. Continued line of sight for 2026 Ongoing Operations Adjusted EBITDA midpoint opportunity of more than $6 billion.
  
• Comment: Vistra reported weaker-than-expected revenue and swung to a net loss in 1Q25, posting a loss of $268 million compared to a profit of $18 million in the same period last year. Despite the headline loss, the generation segment benefited from higher realized prices and favorable weather, while retail performance was supported by strong customer growth and healthy margins. The company also noted that its hedging program has locked in approximately 95% of expected generation for 2025 and 2026, helping to ensure earnings stability amid ongoing market volatility. Management emphasized the continued resilience of Vistra’s business model in a challenging macroeconomic environment. The company’s plants achieved approximately 95% commercial availability, while the retail segment posted year-over-year growth in both volume and customer count. Looking ahead, Vistra plans to return at least $2 billion to shareholders through share repurchases and dividends over 2025 and 2026. It is also committing $700 million to solar and energy storage projects—including developments in Texas and Illinois—supported by long-term contracts with major clients such as Amazon and Microsoft. 2Q25 recommended trading range: $125 to $160. Neutral Outlook.
  

Vistra Corp. (VST)

• 25财年第一季营收：39亿美元，同比增长25.8%，低于预期6.152亿美元
  
• 25财年指引：重申2025年持续运营调整后EBITDA和持续运营调整后自由现金流指引范围分别为55亿美元至61亿美元和30亿美元至36亿美元。继续看好2026年持续运营调整后EBITDA中点超过60亿美元的机会。
  
• 短评：Vistra公布的营收低于预期，并在25年第一季度转为净亏损，亏损2.68亿美元，而去年同期盈利1,800万美元。尽管出现了亏损，但发电部门受益于更高的实现价格和有利的天气，而零售业务的业绩则受到强劲的客户增长和健康的利润率的支撑。该公司还指出，其对冲计划已锁定2025年和2026年约95%的预期发电量，有助于在持续的市场波动中确保收益的稳定性。管理层强调，在充满挑战的宏观经济环境下，Vistra的商业模式依然具有韧性。该公司的发电厂实现了约95%的商业可用率，而零售部门的销量和客户数量均实现了同比增长。展望未来，Vistra计划在2025年和2026年通过股票回购和股息向股东返还至少20亿美元。该公司还承诺投资7亿美元用于太阳能和储能项目，包括在得克萨斯州和伊利诺伊州的项目开发，这些项目得到了亚马逊和微软等主要客户的长期合同支持。25财年第二季建议交易区间：125美元至160美元。中性前景。
  

AppLovin Corp. (APP)

• 1Q25 Revenue: $1.48B, +39.6% YoY, beat estimates by $100M
  
• 1Q25 GAAP EPS: $1.67, beat estimates by $0.23
  
• 2Q25 guidance: Expect total advertising revenue to be between $1.195bn to $1.215bn, below consensus of $1.38bn; expects total advertising adjusted EBITDA to be between $970mn to $990mn; expects total advertising EBITDA margin to be 81%.
  
• Comment: AppLovin reported strong quarterly results and announced a strategic shift to sharpen its focus on its core advertising technology business. The company recently agreed to sell its mobile gaming division to Tripledot Studios for $400 million in cash. As part of the deal, AppLovin will also acquire an approximately 20% equity stake in Tripledot, the developer behind mobile titles such as Sudoku Friends, Puzzletime, and Solitaire Classic. The transaction is expected to close in the second quarter of 2025. The divestiture aligns with AppLovin’s broader strategy to prioritize its high-growth advertising segment, which has gained momentum with the rapid adoption of AI technologies. In a separate development, AppLovin published a blog post on Wednesday outlining a proposed partnership with ByteDance’s TikTok. While AppLovin clarified it does not intend to acquire TikTok’s U.S. operations, it proposed a merger that would encompass TikTok’s non-China assets. If successful, the deal could significantly enhance AppLovin’s scale and strategic positioning in digital media and advertising. 2Q25 recommended trading range: $325 to $450. Positive Outlook.
  

AppLovin Corp. (APP)

• 25财年第一季营收：14.8亿美元，同比增长39.6%，超出预期1亿美元
  
• 25财年第一季通用会计准则每股收益：1.67美元，超出预期0.23美元
  
• 25财年第二季指引：预计总广告营收在11.95亿美元至12.15亿美元之间，低于市场普遍预期的13.8亿美元；预计总广告调整后EBITDA在9.7亿美元至9.9亿美元之间；预计总广告EBITDA利润率为81%。
  
• 短评：AppLovin公布了强劲的季度业绩，并宣布了一项战略转变，以进一步聚焦其核心广告技术业务。该公司最近同意以4亿美元现金将其移动游戏部门出售给Tripledot Studios。作为交易的一部分，AppLovin还将获得Tripledot（Sudoku Friends、Puzzletime和Solitaire Classic等移动游戏的开发商）约20%的股权。该交易预计将于2025年第二季度完成。此次剥离符合AppLovin优先发展其高增长广告业务的更广泛战略，该业务随着人工智能技术的快速普及而获得了增长动力。在另一项进展中，AppLovin周三发布了一篇博客文章，概述了与字节跳动旗下TikTok的潜在合作。虽然AppLovin澄清其无意收购TikTok在美国的业务，但它提出了一项合并方案，将涵盖TikTok在中国境外的资产。如果成功，该交易可能会显著提升AppLovin在数字媒体和广告领域的规模和战略地位。25财年第二季度建议交易区间：325美元至450美元。积极前景。
  

Carvana Co. (CVNA)

• 1Q25 Revenue: $4.23B, +38.2% YoY, beat estimates by $250M
  
• 1Q25 GAAP EPS: $1.51, beat estimates by $0.84
  
• 2Q25 guidance: The company expects a sequential increase in both retail units sold and Adjusted EBITDA, leading to all-time company records on both metrics. The company remains on track to deliver significant growth in both retail units sold and Adjusted EBITDA in FY25.Comment: Carvana delivered strong results in the first quarter, driven by record sales amid rising industry demand. The company sold nearly 134,000 vehicles, marking a 46% year-over-year increase, as consumers accelerated purchases in anticipation of potential price hikes stemming from proposed automotive tariffs. Management downplayed the direct impact of tariffs on its business, noting that used car sales are largely insulated from such measures. In fact, the company sees potential upside, as tariffs on new vehicles may push more consumers toward the used car market—boosting demand for Carvana’s offerings. Supporting this trend, a key index tracking used vehicle prices surged last month to its highest level since October 2023, as both dealers and consumers moved quickly to secure purchases ahead of expected price increases. 2Q25 recommended trading range: $250 to $310. Positive Outlook.
  

Carvana Co. (CVNA)

• 25财年第一季营收：42.3亿美元，同比增长38.2%，超出预期2.5亿美元
  
• 25财年第一季GAAP每股收益：1.51美元，超出预期0.84美元
  
• 25财年第二季指引：预计零售销量和调整后EBITDA将连续增长，均将创下公司历史新高。该公司仍有望在25财年实现零售销量和调整后EBITDA的显著增长。
  
• 短评：Carvana第一季度业绩强劲，这得益于行业需求上升背景下的创纪录销量。该公司售出近13.4万辆汽车，同比增长46%，原因是消费者预计拟议的汽车关税可能导致价格上涨而加速购买。管理层淡化了关税对其业务的直接影响，指出二手车销售在很大程度上不受此类措施的影响。事实上，该公司认为这可能带来潜在的利好，因为对新车的关税可能会促使更多消费者转向二手车市场，从而提振对Carvana产品的需求。支持这一趋势的是，一项追踪二手车价格的关键指数上个月飙升至2023年10月以来的最高水平，原因是经销商和消费者都在预期价格上涨之前迅速完成购买。25年第二季建议交易区间：250美元至310美元。积极前景。
  

Arm Holdings plc. (ARM)

• 4Q25 Revenue: $1.24B, +33.6% YoY, beat estimates by $10M
  
• 4Q25 Non-GAAP EPS: $0.55, beat estimates by $0.03
  
• 1Q26 guidance: Expect revenue of $1.00bn to $1.10bn, midpoint below consensus of $1.10bn; Expect adjusted profit of $0.30 to $0.38 per share for the first quarter, compared with consensus of $0.42 per share.
  
• Comment: Arm Holdings delivered strong quarterly results but issued a cautious outlook for 1Q26. The company cited uncertainty stemming from sweeping global tariffs announced by Trump and tighter U.S. export restrictions on advanced semiconductors to China—both of which have clouded the broader outlook for the semiconductor industry. Arm also noted that a major licensing deal may not close within the fiscal first quarter, contributing to its weaker-than-expected guidance. Due to ongoing global trade tensions and macroeconomic uncertainty, the company declined to provide full-year guidance for FY26. Looking ahead, evolving trade policies are expected to weigh on consumer demand, potentially pressuring the smartphone market this year. A shift in consumer preference toward entry-level smartphones amid economic uncertainty may also impact Arm’s revenue, as these devices are less likely to incorporate the company’s latest technologies. 1Q26 recommended trading range: $90 to $120. Neutral Outlook.
  

Arm Holdings plc. (ARM)

• 25财年第四季营收：12.4亿美元，同比增长33.6%，超出预期1,000万美元
  
• 25财年第四季Non-GAAP每股收益：0.55美元，超出预期0.03美元
  
• 26财年第一季指引：预计营收为10亿美元至11亿美元，中点低于市场普遍预期的11亿美元；预计第一季调整后每股收益为0.30美元至0.38美元，而市场普遍预期为0.42美元。
  
• 短评：Arm Holdings公布了强劲的季度业绩，但对26财年第一季度发布了谨慎的展望。该公司表示特朗普宣布的全面全球关税以及美国对华先进半导体出口的更严格限制，都给半导体行业的整体前景蒙上了一层阴影，导致了不确定性。Arm还指出，一项重要的授权协议可能无法在第一财季内完成，这也导致其指引低于预期。由于持续的全球贸易紧张局势和宏观经济的不确定性，该公司拒绝提供26财年的全年指引。展望未来，不断变化的贸易政策预计将对消费者需求构成压力，今年可能会对智能手机市场造成影响。在经济不确定性背景下，消费者偏好转向入门级智能手机的趋势也可能影响Arm的营收，因为这些设备不太可能采用该公司最新的技术。26财年第一季建议交易区间：90美元至120美元。中性前景。
  

DoorDash Inc. (DASH)

• 1Q25 Revenue: $3.03B, +20.7% YoY, miss estimates by $60M
  
• 1Q25 Non-GAAP EPS: $0.44, beat estimates by $0.06
  
• 2Q25 guidance: No guidance provided.
  
• Comment: DoorDash posted a first-quarter profit as demand for online restaurant and grocery deliveries continued to grow. The company reported a net income of $193mn in 1Q25, reversing a loss of $23mn in the same period last year. DoorDash highlighted sustained growth in grocery delivery orders, both in volume and average order value—a sign of increasing consumer trust in its platform. This momentum also reflects the strength and resilience of consumer demand, despite broader economic uncertainties, and aligns with typical seasonal trends. In a strategic move to expand its global footprint and capabilities, DoorDash announced plans to acquire British food-delivery firm Deliveroo and restaurant software provider SevenRooms. The Deliveroo acquisition will extend DoorDash’s presence to over 40 countries. Together, DoorDash and Deliveroo recorded a combined gross order value of approximately $90bn in the past year and serve 50mn monthly active users. Both transactions are expected to close in the second half of the year. 2Q25 recommended trading range: $160 to $200. Neutral Outlook.
  

DoorDash (DASH)

• 25财年第一季营收：30.3亿美元，同比增长20.7%，低于预期6,000万美元
  
• 25财年第一季Non-GAAP每股收益：0.44美元，超出预期0.06美元
  
• 25财年第二季指引：未提供指引。
  
• 短评：由于在线餐饮和杂货配送需求持续增长，DoorDash第一季度实现盈利。该公司公布25年第一季度净利润为1.93亿美元，而去年同期亏损2,300万美元。DoorDash强调杂货配送订单量和平均订单价值持续增长，这表明消费者对其平台的信任度不断提高。这一势头也反映了尽管宏观经济存在不确定性，但消费者需求依然强劲且具有韧性，并符合典型的季节性趋势。为了扩大其全球业务范围和能力，DoorDash宣布计划收购英国食品配送公司Deliveroo和餐厅软件提供商SevenRooms。收购Deliveroo将使DoorDash的业务拓展到超过40个国家。过去一年，DoorDash和Deliveroo的总订单价值合计约为900亿美元，服务5000万月活跃用户。这两项交易预计将在今年下半年完成。25年第二季建议交易区间：160美元至220美元。中性前景。