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The following is a summary of the 3Q25 earnings call minutes for $AppLovin(APP.US) organized by Dolphin Research. For financial report interpretation, please refer to &#34;Without High Growth and Violent Aesthetics, Is Applovin Still Attractive?&#34; 1. Review of Core Financial Information This Quarter: The upgrade of the core gaming business model drove revenue to increase by 68% year-on-year to approximately $1.405 billion; adjusted EBITDA reached $1.158 billion, up 79% year-on-year, with a profit margin of 82%, an increase of 1 percentage point from the previous quarter, mainly due to the leverage effect and the moderate alleviation of foreign exchange fluctuations...

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Applovin (Minutes): Currently, the week-over-week growth rate of new user spending on the self-service advertising platform has reached 50%

Unity

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Below is a summary of the FY25Q3 earnings call for $Unity Software(U.US), compiled by Dolphin. For a detailed analysis of the financial results, please refer to ‘Unity: Patience Pays Off as Transformation Gains Momentum’. I. Key Financial Data Review 1. Third-quarter performance overview: Grow business revenue reached $318 million, up 11% quarter-on-quarter and 6% year-on-year. Create business revenue reached $152 million, up 3% year-on-year; excluding non-strategic revenue impacts, this represents 13% year-on-year growth. Adjusted EBITDA stood at $109 million, with a margin of 23%...

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Unity (Minutes): Its unique runtime data possesses monetisation growth value.

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Hello everyone, I am Dolphin Research! On November 5th, Eastern Time, before the U.S. stock market opened, the leading game engine company $Unity Software(U.US) released its Q3 2025 financial report. The Q3 performance (including guidance) slightly exceeded the expectations of the sell-side analysts, maintaining a trend of sequential improvement overall. Although the transformation speed is still not fast enough compared to peers, considering the management's consistently conservative style over the past year, it is expected that Q4 performance will be better than the guidance. Therefore, the previously suppressed market sentiment due to average channel research findings can be alleviated. What truly caught Dolphin Research's eye was...

Unity: Patience is key, the metamorphosis is underway

Google

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The following are the FY25 Q3 earnings call minutes for Google, compiled by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Google's Dramatic Reversal: From AI 'Sacrifice' to AI 'Trendsetter'.&#34; 1. Review of Core Financial Data 1.1 Consolidated Performance Revenue: $102.3 billion, up 16% year-over-year (15% growth at constant currency). 2. Total Revenue Costs: $41.4 billion, up 13%. 3. Technology Costs: $14.9 billion, up 8%. 4. Other Revenue Costs: $26.5 billion, up 16%, primarily due to increased YouTube content procurement costs...

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Google (Minutes): We are the only full-stack AI cloud platform

Today’s Key News Recap

PLTR

0918 ｜Dolphin Research Focus: 🐬 Macro/Industry 1. The Federal Reserve has lowered the federal funds rate target range by 25 basis points to 4.00%~4.25%, marking its first rate cut since December 2024. The latest dot plot suggests two more 25bp rate cuts within the year. Meanwhile, the Hong Kong Monetary Authority has reduced the benchmark interest rate by 25 basis points to 4.50%. The rate cut is in line with expectations, but Powell stated that there is &#34;no need for rapid rate adjustments,&#34; downplaying expectations of continuous easing. 🐬 Individual Stocks 1. $Meta Platforms(META.US) September 18...

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Meta's 'Glasses Family Bucket' shines brightly on the streets; Tencent's AI capabilities are fully open | Today's Important News Recap

The following are the minutes of the FY25 Q2 earnings call for $TENCENT(00700.HK) organized by Dolphin Research. For an interpretation of the financial report, please refer to &#34;Spending and Earning! Is Tencent's Meta Moment Coming?&#34; 1. Review of Core Financial Information 1. Capital Expenditure: ◦ Operating capital expenditure was RMB 17.9 billion, an increase of 149% year-on-year, primarily due to increased investments in GPUs and servers to enhance AI capabilities. ◦ Non-operating capital expenditure was RMB 1.2 billion, a decrease of 20% year-on-year. ◦ Total capital expenditure was RMB 19.1 billion...

Tencent (Minutes): Management confirms that high growth in core business benefits from AI

After the Hong Kong stock market closed on August 13th Beijing time, $TENCENT(00700.HK) $Tencent(TCEHY.US) released its Q2 2025 earnings. Supported by the two major revenue pillars of gaming and advertising, the performance of the stock king remains reassuringly stable. Specifically: 1. There is still value to be mined from evergreen games: Q2 gaming revenue grew by 22%, continuing its strong growth. Domestic growth was 17%, while overseas growth was 35% (33% on a currency-neutral basis), with the main outperformance coming from overseas revenue. Domestic games relied on new titles like 'Delta Force' and the growth of evergreen titles such as 'Honor of Kings' and 'Peacekeeper Elite'...

Can Spend and Earn More! Is Tencent's Meta Moment Coming?

Tencent 2Q25 Quick Interpretation: The performance of the stock king remains stable beyond words, with the second quarter slightly exceeding expectations, mainly reflected in game growth and profitability improvement. 1. Overseas Games Impress: Q2 overall game growth was 22%, with domestic at 17% and overseas at 35% (33% under currency neutrality), exceeding expectations in overseas revenue. On one hand, growth was driven by old games like Supercell's 'Clash Royale' and 'PUBG Mobile'; on the other hand, the new game 'Dune: Awakening' contributed incrementally. Domestic games relied on new games like 'Delta Force', and evergreen titles like 'Honor of Kings' and 'Game for Peace' to withstand last year's base pressure. The third quarter sees the launch of 'Valorant' mobile, expected to continue maintaining strong growth momentum. 2. Advertising Maintains High Growth: Q2 advertising growth rate was 19.7%, slightly exceeding expectations. Since the monetization of video accounts, advertising revenue within Tencent's ecosystem has been on a rapid rise. In addition to the release of new inventory such as video account ads, mini-game ads, and search ads, AI has also enhanced the efficiency of advertising across the board. The overall industry performance in the second quarter was average, mainly due to the 618 shopping festival falling short of expectations, but Tencent's growth rate was clearly leading. 3. Fintech Further Recovers: Q2 fintech and enterprise services combined growth rate rebounded to 10%, with the market originally having conservative expectations due to the overall sluggish consumer sector. Dolphin Research believes that besides the boost from video account e-commerce commissions (with the establishment of the e-commerce product department in May, accelerating merchant onboarding) and Tencent Cloud (with growth expected at around 15%-20% due to internal computing power), the major fintech business has already resumed growth in the second quarter. 4. Controllable Expenses, Profitability Continues to Improve: With AI increasing capital expenditure for a year, the market has concerns about its impact on Tencent's profit margins. Although Dolphin Research believes that during the AI innovation period, investing in long-term growth is more valuable than maintaining short-term profits, the reality is that Tencent has not stopped enhancing its core business profitability. Q2 operating profit of core businesses grew by 29% year-on-year, with strong momentum, and the profit margin was 34.5%, continuing to improve by nearly 2 percentage points quarter-on-quarter, with cost and expense optimization each contributing about 1 percentage point. Gross margin mainly benefited from the increased proportion of high-margin businesses like games and advertising, and the strategy of focusing on developing evergreen game IPs has also led to higher monetization efficiency of new games in recent years. As for expenses, growth was mainly reflected in server bandwidth and equipment depreciation brought by AI, as well as the cost of R&amp;D personnel, but overall they remain relatively controllable. 5. Investment and Buyback: Second-quarter Capex was 19.1 billion, down 30% quarter-on-quarter, likely due to the impact of the H20 ban. Previously, with the lifting of the H20 supply ban, Tencent reportedly immediately placed new orders, so subsequent investment is expected to continue growing. Second-quarter buybacks increased, but overall remained within the budget framework of 80-90 billion, flexibly adjusted with market value fluctuations. $TENCENT(00700.HK) $Tencent(TCEHY.US)

SOXL

0813 | Dolphin Research Focus: 🐬 Macro/Industry 1. Last night, data released by the U.S. Bureau of Labor Statistics showed that the U.S. CPI rose by 2.7% year-on-year in July. Excluding the more volatile food and energy prices, the core CPI increased by 3.1% year-on-year in July. Coupled with U.S. Treasury Secretary Bessent hinting that &#34;a 50 basis point rate cut could be considered in September,&#34; market expectations for a rate cut quickly heated up, leading to a decline in U.S. Treasury yields and the U.S. dollar index. 2. Recently, the Ministry of Finance, in conjunction with relevant departments, issued a document clarifying specific matters regarding fiscal interest subsidies for personal consumption loans and interest subsidies for loans to service industry operators...

Direxion Semicon Bull 3X

Taiwan Semiconductor

NVIDIA and AMD contribute 15% of their revenue in China; Tencent's financial report is coming out today

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BABA

89988

09988

HBBD

0612 | Dolphin Research Focus: 🐬 Macro/Industry 1. In May, the U.S. Consumer Price Index (CPI) rose by 2.4% year-on-year, with the month-on-month data increasing for the second consecutive month at a rate of 0.1%. The May CPI data was below expectations, indicating some relief in inflationary pressures, though uncertainties remain for the future. In the short term, the weak inflation data provides room for the Federal Reserve to cut interest rates, which would be somewhat beneficial for the stock and bond markets. However, in the long term, the potential impact of tariff policies still needs attention, and future inflation may face upward risks...

Microsoft

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Alibaba HK SDR 5to1

Ant Group Accelerates Stablecoin License Expansion; Tencent Prepares for Mega Game Acquisition | Today's Important News Recap

Tencent Video Causes User Dissatisfaction After Suspending Automatic Ad Skipping Feature

Tencent AI Lab and City University of Hong Kong publish scTranslator Single-Cell Translation Model

Analyst firm lowers stock rating for Tencent Music Entertainment Group

Two intellectual property lawsuits with Tencent Technology as the plaintiff will have court hearings on November 10

Most popular Chinese concept stocks fell, with Tencent Music dropping over 4%

Tencent VP Guo Kaitian states AI should be an 'intelligent co-pilot'

Tencent Holdings will hold investor roadshows in Hong Kong and Singapore following its earnings announcement

Capital flow data shows Northbound funds continue to sell Tencent Holdings

Tencent and Partners Develop AI Model DeepGEM for 1-Minute Lung Cancer Gene Mutation Prediction

Tencent Executive Hong Danyi States Future E-wallets Need to be More Intelligent

Tencent, Xiaomi, and SHEIN top the Gen Z brand list

Tencent wins Outstanding Contribution Award for "Social Contribution" at the World Internet Conference

Tencent Cloud will host an AI-themed event in Singapore on November 11

Hong Kong stocks broadly decline on weak China exports and a soft US jobs market

Tencent Holdings' buybacks this year reached HK$60.965 billion, ranking first in the Hong Kong stock market

WeChat Platform Removes Dozens of Non-compliant Short Dramas

Hong Kong tech stocks corrected in the afternoon, with Tencent Holdings falling over 2%

Tencent WeSure supports Shenzhen's first 'Direct Payment' system for commercial insurance claims

World Internet Conference focuses on AI model applications, Tencent is a major holding in gaming and media ETFs

Tencent's Honor of Kings Revenue Up 32%, Retains Top Global Mobile Game Publisher Title

Motorsport Gaming US

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Earning Release Date

财报预告

FY2025 Q3 Earning Release 2025.11.13 (EST) After-Market

TENCENT (00700.HK) Q3 2025 Earnings Conference Call

TENCENT (00700.HK) Q2 2025 Earnings Conference Call

TENCENT (00700.HK) Q1 2025 Earnings Conference Call

TENCENT (00700.HK) 2024 Fourth Quarter and Full Year Earnings Conference Call

TENCENT (00700.HK) 2024 Third Quarter Earnings Conference Call

TENCENT (00700.HK) 2024 Q2 Earnings Conference Call

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