# Earnings Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Earnings", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Wall Street Shows Sharp Divergence in CRCL Valuation on the Eve of Circle's Earnings Report

On the eve of its earnings report on August 5th, significant divergence emerged on Wall Street regarding the valuation of Circle (CRCL). Morgan Stanley downgraded Circle from "Equal Weight" to "Underweight," slashing its target price from $106 to $38. Analyst James Faucette argues that the market has overestimated the growth potential of USDC, noting stagnant circulation since Q3 2025 and a lack of major new use cases beyond remittances and card spending. He warns that slower USDC growth could pressure Circle's core "reserve income" and shift its revenue mix toward lower-margin transaction fees, making current valuations excessive. In contrast, TD Cowen initiated coverage with a "Buy" rating and an $82 target price. Analyst Bryan Bergin believes the market underestimates Circle's potential to evolve from a stablecoin issuer into a broader digital financial infrastructure platform. He focuses on future services like payments, asset management, RWA tokenization, and blockchain infrastructure, forecasting a ~31% CAGR for USDC circulation through 2030 and faster growth in fee-based revenues. A key external variable is the delayed progress of the CLARITY Act, whose uncertainty may pressure market sentiment by slowing regulatory clarity for stablecoins. Ultimately, the split centers on whether Circle's value hinges on USDC growth or its platform transformation. The upcoming earnings report will be scrutinized for details on reserve income, payment services, and RWA initiatives.

Odaily星球日报08/04 02:55

Wall Street Shows Sharp Divergence in CRCL Valuation on the Eve of Circle's Earnings Report

Odaily星球日报08/04 02:55

Trump Family's Bitcoin Mining Firm Reports Losses for Third Consecutive Quarter, Stock Price Plummets Over 90% from Peak

American Bitcoin, a bitcoin mining company co-founded by the Trump family, reported its third consecutive quarterly loss. In Q2, the company posted a net loss of $57 million, or $0.80 per share, though this marked an improvement from the previous quarter's $82 million loss. Revenue saw a slight increase to $67 million from $62 million. The ongoing cryptocurrency bear market has severely impacted the company's asset value and stock price, which has plummeted approximately 95% from its peak. This decline was partly driven by a 14% drop in Bitcoin's price during the period. To maintain its Nasdaq listing, the company executed a 1-for-15 reverse stock split in July. Despite industry trends shifting towards AI infrastructure, American Bitcoin maintains its focus solely on mining. The company held roughly 8,000 Bitcoin as of June 30, a 14% increase from Q1. Eric Trump, the Chief Strategy Officer, emphasized the company's cost advantage, stating their mining cost is about half the market price, differentiating it from digital asset treasury companies that purchase at market rates. While the Trump family has reportedly earned significant income from various crypto ventures, American Bitcoin's sustained losses and stock decline highlight the risks of a strategy concentrated solely on Bitcoin exposure during a market downturn.

marsbit08/04 01:11

Trump Family's Bitcoin Mining Firm Reports Losses for Third Consecutive Quarter, Stock Price Plummets Over 90% from Peak

marsbit08/04 01:11

Robinhood's Revenue Structure Undergoes Dramatic Shift: Predictive Markets Revenue Surpasses Stock Trading

Robinhood's revenue structure has undergone a major shift, with income from its prediction markets now surpassing that from stock trading. In its Q2 report, Robinhood revealed prediction market revenue soared over tenfold year-over-year to $156 million, accounting for 20% of total trading revenue and becoming its second-largest trading business after options, less than two years after its launch. Analysts attribute this growth to the platform's user base, which is drawn to the instant, simple "yes/no" betting format on real-world events like sports and elections. The recent surge was significantly driven by the World Cup. Robinhood initially partnered with platform Kalshi but has since moved to gain more control by co-founding its own trading platform, Rothera, with Susquehanna International Group, reducing its dependence on Kalshi. While Robinhood's prediction market business is growing rapidly—now at a $600+ million annualized revenue run rate—Kalshi remains the dominant player in the space. The industry is attracting new competitors like Coinbase but faces regulatory uncertainty, with ongoing legal challenges over whether prediction markets constitute unregistered gambling or fall under financial derivatives regulation.

marsbit08/03 11:41

Robinhood's Revenue Structure Undergoes Dramatic Shift: Predictive Markets Revenue Surpasses Stock Trading

marsbit08/03 11:41

Will SpaceX's First Quarterly Report Rescue Its Stock Price Under the Pressure of 1.2 Billion Shares Unlocking?

SpaceX is set to release its first quarterly earnings report since going public, a key test for its stock which has declined 20% from its IPO price. Approximately 9.12 billion shares are set to unlock on August 6, with an additional 3.19 billion following a week later, creating potential selling pressure from early investors. A strong report may be the only catalyst to reverse the downtrend. The report will cover three segments: Space, Connectivity (Starlink), and AI. The AI business, centered on the merged xAI, is the biggest uncertainty. While it generated $818 million in revenue last quarter, it also reported a $2.5 billion operating loss and $7.7 billion in capital expenditures. New data center rental agreements with Anthropic and Google, particularly the substantial $1.25 billion monthly deal with Anthropic, add significant revenue variability this quarter. Investors await guidance on AI's future outlook and the timeline for launching AI computing satellites via Starship. Starlink remains the stable profit driver, ending last quarter with 10.3 million subscribers. Key metrics will be user growth, average revenue per user (ARPU), and enterprise/government contract backlogs. The Space segment, which posted a $657 million operating loss last quarter, will be scrutinized for updates on Starship development following its 13th test flight and the pace of Falcon 9 launches, many of which support internal Starlink deployment. Wall Street expects Q2 revenue of around $6.9 billion and EBITDA of $2.1 billion. However, as this is the first earnings report, analyst forecasts lack a historical baseline and could see significant variance. With a current market cap of ~$1.4 trillion and a high valuation, the market's reaction post-earnings will hinge on the report's strength, the magnitude of post-lockup selling, and ongoing investor concerns.

marsbit08/03 10:06

Will SpaceX's First Quarterly Report Rescue Its Stock Price Under the Pressure of 1.2 Billion Shares Unlocking?

marsbit08/03 10:06

Goldman Sachs Stakes a Clear Position: This Is the Largest Capital Demand Cycle in Human History, and the Fed Is Just an Observer

Goldman Sachs argues that the world is entering the most capital-intensive investment cycle in history, driven by concurrent massive demands from AI infrastructure, reindustrialization, defense reinvestment, power grid rebuilding, supply chain realignment, and sovereign debt financing. This structural competition for capital is pushing its cost higher, fundamentally altering investment paradigms. Goldman's Mark Wilson states that the Federal Reserve is merely a "passenger, not the driver" in this shift, with rising yields rooted in these real economy demands rather than just monetary policy. While major indices appeared calm in July, underlying market movements were historic, featuring extreme stock dispersion and a severe momentum factor crash, leading to significant de-risking by fund managers. Wilson cautions against expecting a quick reversal in August, citing ongoing digestion of higher rates, disrupted risk models, and typically muted market performance ahead of US midterm elections. Corporate fundamentals remain robust with strong earnings, though growth rates are peaking in the US while accelerating in Europe. Notably, hyperscale cloud companies like Amazon and Microsoft are announcing staggering capital expenditure projections for 2027-2028, justified by explosive AI-related revenue growth and high returns. Amazon revealed its AI revenue run-rate exceeds $25 billion, growing triple-digits annually, and expressed confidence that AWS could become a trillion-dollar revenue business. The report concludes that a transitional period is underway, marked by a growing tension between aggressively investing private tech giants and increasingly capital-constrained sovereign governments. The AI super-cycle continues, with August likely being a consolidation phase.

marsbit08/03 09:46

Goldman Sachs Stakes a Clear Position: This Is the Largest Capital Demand Cycle in Human History, and the Fed Is Just an Observer

marsbit08/03 09:46

Kioxia's Profit Margin Approaches 80%, J.P. Morgan Raises Its Target Price to 155,000 Yen

According to a JP Morgan report, Kioxia's target price has been raised to ¥155,000, following record-breaking Q1 FY2026 results and the announcement of a framework for up to ¥800 billion in share buybacks. The bank's optimism is based on a convergence of data center SSD price increases, rising profitability, and shareholder returns, rather than simply higher NAND shipments. Kioxia's Q1 results showed revenue of approximately ¥1.77 trillion, up 415.5% year-on-year, with a non-GAAP operating margin of 75.0%. Even stronger, the Q2 guidance forecasts revenue of ~¥2.39 trillion and a non-GAAP operating margin of ~79.5%. This surge is primarily driven by significant ASP growth in enterprise and data center SSDs, fueled by generative AI-related demand, alongside improved product mix and advanced node adoption (e.g., BiCS 8 FLASH). The ¥155,000 target price is derived from FY2027 EPS estimates and a ~11x P/E multiple, above the historical sector average. This premium reflects reduced selling pressure from Bain Capital and the potential for long-term agreements to stabilize earnings. A key future catalyst is the potential for agentic AI to create new NAND workloads, supporting demand beyond the current cycle. While the massive share buyback plan signals capital return commitment and helps ease concerns about cyclical overspending, risks remain. The sustainability of SSD price hikes, the actual scale of incremental AI-driven demand, and the industry's ability to maintain capital discipline to avoid a new supply glut by 2027 are critical factors for the stock's continued re-rating.

marsbit08/03 08:51

Kioxia's Profit Margin Approaches 80%, J.P. Morgan Raises Its Target Price to 155,000 Yen

marsbit08/03 08:51

Wall Street Morning News: V-shaped Rebound at Month-end, but Nasdaq Suffers Worst July in 12 Years; Funds Accelerate Concentration Towards Cloud Giants

Despite a V-shaped rebound at the end of July, the Nasdaq posted its worst July since 2004, while the S&P 500 had its worst July since 2014. Markets were jolted by geopolitical shifts, as President Trump canceled a planned strike on Iran, leading WTI crude to plunge over 8%. This, alongside OPEC+ announcing a supply increase, reversed crude's sharp July gains. Treasury yields surged, with the 10-year yield rising over 30 basis points in July—its largest July increase since 2005. In a rare move, the US and Japan jointly intervened to weaken the USD/JPY, aiming to prevent potential Japanese sales of US Treasuries. While the tech sector faced deleveraging pressure throughout July, cloud giants staged a massive rally on strong earnings. Microsoft, Amazon, and Google collectively added nearly $1.5 trillion in market value last week. Amazon soared over 15% on accelerating AWS growth, Microsoft extended historic gains, Google fully recovered post-earnings losses, and Meta ended an 11-day losing streak. In contrast, Apple tumbled over 7% on supply chain and guidance concerns, ceding its "world's most valuable company" title to Nvidia. The memory and storage sector corrected sharply. Gold edged up 0.91% in July, with analysts viewing the ~30% pullback from January highs as a potential basing period, supported by long-term central bank demand. Key events to watch this week include earnings from Palantir, AMD, SpaceX (its first post-IPO report), and memory giants like Western Digital. The US July non-farm payrolls report on Friday will be critical for gauging the Fed's policy path. SpaceX also faces a significant lock-up expiration, testing market liquidity.

marsbit08/03 05:21

Wall Street Morning News: V-shaped Rebound at Month-end, but Nasdaq Suffers Worst July in 12 Years; Funds Accelerate Concentration Towards Cloud Giants

marsbit08/03 05:21

Qualcomm: AI Hype Subsides, When Will Smartphones Emerge from the Gloom?

Qualcomm reported its Q3 FY2026 results (ending June 2026), with revenue of $9.95B, down 4% YoY but above expectations. Gross margin declined to 53.1%, pressured by rising costs across manufacturing and memory. Key business segments showed mixed performance: Handset revenue fell 19.6% YoY to $5.09B, dragged by an 11% decline in non-Apple Android shipments and weaker high-end mix. Conversely, Automotive revenue surged 61% to $1.59B, and IoT grew 9% to $1.83B. Core operating profit dropped 41% YoY due to margin compression and higher expenses. Management's Q4 FY2026 guidance projects revenue of $9.7B-$10.5B, in line with consensus, but Non-GAAP EPS guidance of $2.05-$2.25 fell short of expectations. Amidst persistent weakness in its core handset market, Qualcomm is pursuing growth in AI, focusing on Edge AI (smartphones, PCs, automotive) and Data Center AI. Its data center strategy includes four pillars: AI accelerators (e.g., AI200), commercial CPUs (Dragonfly C1000), custom silicon, and connectivity solutions. While these initiatives initially boosted its stock, concerns over AI capital expenditure sustainability have since erased those gains. The company targets $5B in data center revenue for FY2027 and $15B for FY2029. The report concludes that with the traditional handset business still under pressure, the data center opportunity is currently viewed as a longer-term option, and a more conservative valuation based on core operations may be warranted until AI contributions materialize.

marsbit08/03 00:13

Qualcomm: AI Hype Subsides, When Will Smartphones Emerge from the Gloom?

marsbit08/03 00:13

Coldcard exploit sparks Bitcoin flight, ‘bullish’ crypto consolidation: Hodler’s Digest, August 2

A Coldcard hardware wallet exploit led to estimated losses of 1,367 BTC ($88.6 million), causing a spike in small Bitcoin transfers as users moved funds to centralized exchanges and other custody methods. In U.S. politics, the Clarity Act faces hurdles with time running out for a Senate vote, amid debates over ethics rules and crypto regulation. Major crypto firms like Coinbase reported disappointing Q2 earnings, while an analyst notes the industry is entering a significant consolidation phase, with revenue concentrating in a few dominant protocols like Hyperliquid and Pump.fun. Bitcoin's price decline continued, though some analysts suggest the market may have bottomed. Other news includes Telegram's legal troubles in Russia and Australia, layoffs at Pump.fun ahead of token distributions, and a White House staffer accused of insider betting leaving his post.

cointelegraph08/02 23:56

Coldcard exploit sparks Bitcoin flight, ‘bullish’ crypto consolidation: Hodler’s Digest, August 2

cointelegraph08/02 23:56

Strategy leaves preferred STRC dividend at 12% as price still below par

Strategy's preferred STRC shares remain priced significantly below their $100 par value, closing July at $89.46 despite a monthly gain. The company confirmed its August dividend will hold at the recently increased 12% annual rate, paid semi-monthly. Management's stated objective is for the shares to trade at $99-$100, though no timeline was given. The firm reported a large Q2 net loss due to unrealized losses on its Bitcoin holdings but has built a $3.75 billion cash reserve to support preferred dividend payments for over two years. It has also begun repurchasing STRC shares while they trade below par.

cointelegraph08/02 15:30

Strategy leaves preferred STRC dividend at 12% as price still below par