Seeking Alpha
  • Monday, January 26, 2015

  • 7:42 PM
    • Wix.com (NASDAQ:WIX) will report Q4 and full-year results before the open on Wednesday, February 11th. The conference call will begin at 8.30 am ET.
    • Consensus views for Q4 and 2014 are for EPS of -$0.31 and -$1.13 and revenue of $39.87M (+59.8% Y/Y) and $140.1M (+74.1%), respectively.
    | Comment!
  • 7:41 PM
    • Equinix (NASDAQ:EQIX) will report Q4 and full-year results after the close on Thursday, February 19th. The conference call will begin at 5.30pm ET.
    • Consensus views for Q4 and 2014 are for EPS of $1.03 and $2.87 and revenue of $630.1M (+11.6% Y/Y) and $2.44B (+13.1%), respectively.
    | Comment!
  • 7:20 PM
    • TE Connectivity (NYSE:TEL) is "nearing a deal" to sell its telecom/networking equipment unit to CommScope (NASDAQ:COMM) for about $3B, the WSJ reports. A deal could be announced as soon as this week.
    • The business in question, known as TE's network solutions unit, had FY14 (ended Sep. '14) sales of $2.9B (21% of TE's total revenue). For reference, CommScope's 2014 revenue consensus is only at $3.84B, and the company had a market cap of $4.06B as of today's close.
    • TEL +6.1% AH to $67.00. COMM +6.4% to $23.00.
    | Comment!
  • 7:05 PM
    • American Tower's (NYSE:AMT) Q4 results will arrive at 7AM on Tuesday, Feb. 24. CC at 8:30AM ET.
    • Consensus is for revenue of $1.05B (+11.5% Y/Y, boosted by acquisitions), and AFFO/share of $0.51. AMT is up 7% since posting mixed Q3 results and hiking full-year AFFO guidance on Oct. 30.
    | Comment!
  • 6:59 PM
    • Silicon Motion (NASDAQ:SIMO) expects Q1 revenue to be flat to down 5% Q/Q. That implies a range of $76.5M-$80.5M, mostly above a $76.9M consensus.
    • For the whole of 2015, SIMO expects revenue to grow 15%-25%; consensus is for 21.1% growth.
    • Q4 gross margin was 52.5%, down from 52.9% in Q3 but up from 48.8% a year ago. GM is expected to fall to 50%-52% in Q1, and be in a 49.5%-51.5% range for the whole of 2015 (down from 2014's 51.8%).
    • Embedded storage IC sales rose 70% Y/Y in Q4, driven by eMMC and client SSD controller demand. eMMC now makes up 40% of total revenue. Micron is an SSD controller client, and three tier-1 PC OEMs are using SSDs featuring SIMO's controllers.
    • Operating expenses rose 58% Y/Y to $21.4M. SIMO had $195.2M in cash/investments at quarter's end, and no debt.
    • Shares are at $25.60 in AH trading.
    • Q4 results, PR
    | 4 Comments
  • 6:42 PM
    • Microsoft (NASDAQ:MSFT) guides (.ppt) for its reporting units to collectively have FQ3 revenue of $20.6B-$21.4B, below a $23.8B total revenue consensus. Corporate/other revenue, which totaled $314M in FQ2, isn't included in the guidance. Forex is expected to hurt revenue growth by ~4%.
    • Full-year operating expense guidance has been cut by $1B to $33.2B-$33.6B. Another $200M worth of restructuring charges are expected over the rest of FY15 (ends June '15), yielding total charges of $1.4B. FY15 tax rate guidance is at 22%-24%; the FQ2 tax rate was 25%.
    • In its earnings slides (.ppt), Microsoft states its unearned revenue balance was $21.2B at the end of FQ2, +9% Y/Y but slightly below historical seasonality due to forex and the recognition of $300M worth of prior period deferrals. The contracted but not billed balance was above $24B.
    • Office 365 consumer subs rose by 30% Q/Q to 9.2M, and first-party game revenue (boosted by the Mojang acquisition) rose 79%. Though Microsoft is in the midst of paring back its feature phone ops 39.7M non-Lumia phones were still  sold (to go with 10.5M Lumias).
    • $1.5B was spent on capex during the quarter. Capex is expected to rise Q/Q in FQ3 due to cloud investments. Excluding the Nokia deal, opex fell 8% Y/Y (+1% otherwise).
    • MSFT -4.3% AH to $44.99. FQ2 results, details.
    | 9 Comments
  • 6:08 PM
    • Silicon Motion Technology (NASDAQ:SIMO): Q4 EPS of $0.48 beats by $0.01.
    • Revenue of $80.51M (+53.4% Y/Y) misses by $0.1M.
    • Shares +0.48% AH.
    • Press Release
    | 1 Comment
  • 5:57 PM
    • As disclosed at the time of the split announcement, Meg Whitman will be the CEO of HP's (NYSE:HPQ) enterprise ops, and PC/printing EVP Dion Weisler the CEO of HP Inc.
    • Current CFO Cathie Lesjak will be the CFO of HP Enterprise, and current CTO Martin Fink its CTO. The company won't have a COO.
    • Jon Flaxman, currently the CFO of HP's PC and printing ops, will be HP Inc.'s COO. PC/printing CTO Shane Wall will be the company's CTO, inkjet & Web solutions SVP Stephen Nigro will be its printing chief, and personal systems GM Ron Coughlin will be its PC chief.
    • A "selection process is ongoing" to find a CFO, general counsel, and chief marketing officer for HP Inc., and an HR chief for HP Enterprise.
    • HP shook up its enterprise management in November to better prepare for the split.
    | Comment!
  • 5:41 PM
    • InterDigital's (NASDAQ:IDCC) Q4 report arrives before the open on Thursday, Feb. 19. CC at 10AM ET. CC at 10AM ET.
    • The 2-analyst consensus is for revenue of $85.9M (-13.8% Y/Y), and EPS of $0.31. Shares +15% since InterDigital posted a Q4 beat on Oct. 30.
    • Separately, the company has announced an ITC evidentiary hearing for its infringement case against Nokia and Microsoft has commenced. InterDigital is alleging infringement of two 3G W-CDMA patents, and seeking import bans on infringing hardware.
    | Comment!
  • 5:26 PM
    • MicroStrategy's (NASDAQ:MSTR) product license/subscription services revenue fell an eye-popping 31% Y/Y in Q4 to $148.9M; that's a major reversal from Q3's 8% growth. Product support revenue (driven by past deals) rose 3% to $74.6M, and other services revenue fell 3% to $33.5M.
    • Thanks to the business intelligence software vendor's recent restructuring, opex fell 27% Y/Y to $84.1M, allowing EPS to trounce estimates in spite of a big revenue miss. $3.2M worth of restructuring charges are included in the opex figure.
    • MicroStrategy ended Q4 with $345.5M in cash/short-term investments. Gross deferred revenue and advance payments totaled $223.7M, up $800K Y/Y.
    • Shares are down to $157.00 in AH trading.
    • Q4 results, PR
    | 4 Comments
  • 5:11 PM
    • Share gains helped Texas Instruments' (NASDAQ:TXN) Q4 analog revenue rise 14% Y/Y to $2.1B (65% of total revenue); the division's op. profit rose 47% to $822M. Sales rose across all analog product lines, with power management ICs a strong point.
    • Embedded processing revenue (DSPs, OMAP, microcontrollers, connectivity) rose 11% to $670M, with op. profit rising 178% to $114M. Everything else (DLPs, ASICs, calculators, royalties) fell 14% to $476M due to wireless and ASIC declines, but with op. profit rising 93% to $164M.
    • Q1 guidance is for revenue of $3.07B-$3.33B and EPS of $0.57-$0.67, in-line with a consensus of $3.19B and $0.63.
    • Q4 gross margin was 58%, -40 bps Q/Q but +380 bps Y/Y. Notably, R&D spend fell 10% Y/Y to $311M, and SG&A spend 7% to $429M.
    • Free cash flow rose 18% in 2014 to $3.5B (27% of revenue and above net income of $2.8B). $698M was spent on buybacks in Q4, and $2.8B over the whole of 2014.
    • TXN -0.2% AH to $54.95. Q4 results, PR.
    | Comment!
  • 4:55 PM
    • Sanmina (NASDAQ:SANM) expects FQ2 revenue of $1.575B-$1.625B and EPS of $0.50-$0.55, in-line with a consensus of $1.61B and $0.53.
    • FQ1 gross margin fell 10 bps Y/Y to 7.6%. SG&A and R&D spend each rose by $200K to $59.4M and $8.1M, respectively.
    • Shares are at $22.15 in AH trading.
    • FQ1 results, PR
    | Comment!
  • 4:42 PM
    • Microsoft's (NASDAQ:MSFT) Window OEM Pro and non-Pro revenue both fell 13% Y/Y in FQ2. The Pro slowdown is blamed on slowing business PC sales, academic discounts, and  "mix returning to pre-Windows XP end of support levels." The non-Pro decline is due to unit growth coming from cheaper hardware that Microsoft is providing discounted license fees for. Commercial Windows volume license revenue rose 3%.
    • Total Commercial revenue rose 5% Y/Y in FQ2 to $13.3B, helping drive the revenue beat. Devices & Consumer revenue (lifted by the Nokia deal) rose 8% to $12.9B. Commercial reporting segments accounted for over 2/3 of FQ2 gross profit  of $16.3B.
    • Segment performance: Commercial licensing revenue -2% Y/Y to $10.7B (hurt by the cloud shift). Commercial other +46% to $2.6B (boosted by cloud growth). Device/consumer licensing -25% to $4.2B (Windows and Android royalty declines). Computing/gaming hardware -11% to $4B (Xbox One launched a year ago). Phone hardware revenue was $2.3B, above guidance of $2B-$2.2B but down from FQ1's $2.6B (feature phone decline).
    • Highlights: 1) Commercial cloud revenue (Office 365, Azure, Dynamics online) +114% Y/Y, and now on a $5.5B/year run rate 2) 10.5M Lumias and 6.6M Xboxes were sold. Surface revenue +24% to $1.1B. 3) Server products/services +9%, with double-digit SQL Server and System Center growth. 4) Search ad revenue +23%; Bing's U.S. share is at 19.7% (per comScore).
    • With Nokia boosting spending levels in spite of last year's job cuts, R&D spend rose 6% to $2.9B, and sales/marketing 7% to $4.3B. G&A, however, fell 8% to $1.1B.
    • $2.1B was spent on buybacks. Microsoft plans to complete its existing $40B buyback program (launched in Sep. 2013) by the end of 2016.
    • Microsoft is at $45.59 in AH trading. Guidance will be provided on the CC.
    • FQ2 results, PR
    | 22 Comments
  • 4:31 PM
    • Texas Instruments (NASDAQ:TXN): Q4 EPS of $0.69 in-line.
    • Revenue of $3.27B (+7.9% Y/Y) beats by $10M.
    • Shares -1.44%.
    • Press Release
    | Comment!
  • 4:30 PM
    • Waters (NYSE:WAT): Q4 EPS of $1.99 beats by $0.10.
    • Revenue of $583.87M (+3.3% Y/Y) beats by $1.64M.
    • Shares -0.63%.
    • Press Release
    | Comment!
  • 4:16 PM
    • Rambus (NASDAQ:RMBS) expects Q1 revenue of $70M-$75M and 2015 revenue of $300M-$315M, below consensus estimates of $76.8M and $319.1M.
    • The memory/security IP developer is launching a 20M-share buyback program that replaces an existing program with 5.2M shares remaining. Rambus has 117.6M shares outstanding, and $300M in cash/marketable securities to finance buybacks with.
    • Q4 royalty revenue -8% Y/Y to $64.1M. Contract/other revenue more than doubled to $7.9M. Operating costs/expenses fell 19% to $54.5M.
    • Shares have fallen to $9.83 in AH trading.
    • Q4 results, PR
    | Comment!
  • 4:14 PM
    • Transcat (NASDAQ:TRNS): FQ3 EPS of $0.11
    • Revenue of $31.05M (+1.8% Y/Y).
    • Press Release
    | Comment!
  • 4:12 PM
    • Microsoft (NASDAQ:MSFT): FQ2 EPS of $0.71 in-line.
    • Revenue of $26.47B (+8.0% Y/Y) beats by $140M.
    • Shares -1.6%.
    • Press Release
    | 17 Comments
  • 4:12 PM
    • Pericom Semiconductor (NASDAQ:PSEM): FQ2 EPS of $0.22 beats by $0.08.
    • Revenue of $33.3M (+3.9% Y/Y) misses by $0.3M.
    • Press Release
    | Comment!
  • 4:09 PM
    • Rambus (NASDAQ:RMBS): Q4 EPS of $0.14 beats by $0.08.
    • Revenue of $72.04M (-1.9% Y/Y) misses by $0.34M.
    • Shares -1.05%.
    • Press Release
    | Comment!
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