When Apple (AAPL) reported its June quarter results, management hinted at supply chain issues beginning to impact the company’s ability to meet demand. During the quarter, at a conference presentation, the company updated its guidance to note that about $3 billion in sales would be lost in the September quarter. When the company reported September […]
Comcast (CMCSA) reported another good set of quarterly financial results. Revenues, EBITDA, and free cash flow all at least met Wall Street estimates in 3Q even as the company had preannounced a slowdown in growth of new broadband subscribers. From a financial perspective, the huge increase in broadband subs during the peak of the pandemic […]
Sony (SONY) reported a second consecutive beat and raise quarter. Even after the previous quarterly report, we still thought that guidance was conservative, so we are pleased but not surprised with another step forward confirming our investment thesis. We could almost republish our last quarterly update and just add today’s date. Three months ago, we […]
Alphabet (GOOG/GOOGL) reported better than expected earnings with revenues, expenses, and EPS all coming in ahead of expectations. The revenue upside was especially impressive given the turmoil in internet and mobile advertising caused by Apple’s privacy initiatives. Google did not escape completely unscathed as YouTube ad growth was a few percent less than expected (although […]
Facebook (FB) has had a rough go lately. News stories have occurred almost daily criticizing the company. Politicians and regulators are looking for a way to punish the company and limit its influence. Apple’s changes to enable greater privacy for iOS users is limiting FB’s ability to measure and target its users on behalf of […]
AT&T (T) reported its first quarterly results since Northlake took a long position in client accounts in July. Virtually across the board, the results slightly exceeded estimates leading the company to modestly increase its 2021 guidance for financial results and subscriber counts. Our thesis is built upon a hated company that is showing improved execution […]
After two consecutive quarters of improved results and a positive analyst meeting earlier this month, IBM’s 3Q21 earnings were disappointing. Revenues fell slightly short of estimates, and after adjusting for a favorable tax rate, EPS did as well. Key growth areas like consulting and hybrid cloud performed well, but software, mainframe systems, and soon-to-be spun […]
There are no changes to the recommendations from Northlake’s Market Cap and Style models for October. The models continue to favor large cap and remain neutral on growth vs. value. For clients with assets invested in Northlake’s models, positions in the S&P 500 (SPY), Russell 1000 Growth (IWF), and Russell 1000 Value (IWD) will be […]
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