Tuesday, July 21, 2009

Up and Down after hours (YHOO, AAPL, SBUX)

AlphaNinja - YHOO is down, SBUX and AAPL trading up.

Yahoo beat both top and bottom line estimates, though non-recurring charges were questionable as usual.

-->>Revenue down 13% year-over-year, 5% of which was due to currency.
-->>Ex-TAC revenue was down 15.5% - so the percent YHOO keeps fell to 72.3% from 74.8%, not a number to ignore. It's costlier for YHOO to do business.
-->>Gross profit down 16.6%, and the margin fell to 24.7% largely due to the TAC % increase
-->>Operating income down only 9.7% as the company managed costs well elsewhere.

"Revenues excluding TAC is defined as GAAP revenues less TAC. TAC consists of payments made to Affiliate sites and payments made to companies that direct consumer and business traffic to the Yahoo! website. We present revenues excluding TAC: (1) to provide a metric for our investors to analyze and value our Company and (2) to provide investors one of the primary metrics used by the Company for evaluation and decision-making purposes. We provide revenues excluding TAC because we believe it is useful to investors in valuing our Company"

And just like CNBC, another outlet has trouble doing simple arithmetic...

Yahoo appears to have guided revenue in line for the next quarter, assuming ex-TAC revenue percent stays steady, and earnings guidance looks to be slightly above consensus. Really not bad results compared to expected numbers, but the stock is down 2% after hours maybe b/c it's had such a run leading up to this earnings report.
Starbucks (SBUX) beat on both revenue and earnings, and they guided up.

-->> EPS of 24cens beat the street consensus of 19cents
-->> Revenue came in slightly ahead of the $2.8billion estimate.
-->> Increases full-year guidance to .74-75cents versus 70cent expectation

Stock trading +10% as people deliberate over what PE multiple to give this stock.
Apple (AAPL) as usual beat fluffy (extremely conservative) guidance of $1.17 by almost 20cents.

-->>EPS of 1.35 beat expectation of 1.17.
-->>guidance for eps of 1.18-1.23 versus 1.30 expected next quarter.

The same story every quarter -->> Apple beats the hell out of guidance and sets the bar low to beat again. The fact that unit sales are up in this retail environment is outstanding, and their share price reflects that.

"Apple sold 2.6 million Macintosh® computers during the quarter, representing a four percent unit increase over the year-ago quarter. The Company sold 10.2 million iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. Quarterly iPhones sold were 5.2 million, representing 626 percent unit growth over the year-ago quarter.

"We're making our most innovative products ever and our customers are responding," said Steve Jobs, Apple's CEO. "We're thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year."

-->> Gross margin up 1.4% year over year, likely as Apple HAMMERED suppliers on cost.
-->> Pretax margin 20.8% up from 20.2%

Shares +4% after hours to $158 - this is how Apple performs in one of the worst economic environments on record; I swear, people will ditch their heat and A/C before ditching their iphones and Macs....

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