SHAJ的个人主页 - 老虎社区

SHAJ

SHAJ

暂无个人介绍

IP属地：未知

21关注

6粉丝

0主题

0勋章

2021-09-27

U need satellites for that?

抱歉，原内容已删除

2021-09-27

Good headline.

抱歉，原内容已删除

2021-09-27

Goodbye Fashbook.

抱歉，原内容已删除

2021-09-27

The age of shedding responsibility.

Tesla's 'Beta Button' Is Live. What It Means for the Stock.<blockquote>特斯拉的“测试按钮”已上线。这对股票意味着什么。</blockquote>

2021-08-06

Hang in there.

抱歉，原内容已删除

2021-07-30

Pinterest is boring

抱歉，原内容已删除

2021-07-29

Getting unpopular

抱歉，原内容已删除

2021-07-29

Dump pp, too many complaints.

PayPal Earnings Beat Expectations. Why Its Stock Is Dropping.<blockquote>PayPal盈利超出预期。为什么它的股票在下跌。</blockquote>

2021-07-28

Bye-bye facebook

抱歉，原内容已删除

2021-07-28

Inari. Promising

抱歉，原内容已删除

2021-07-28

Time to try cheap coffee.

Starbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote>

2021-07-27

Yet to try.

Snap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote>

2021-07-27

Moral actions will cause upheaval only in the short term.

抱歉，原内容已删除

2021-07-26

Whose selling

抱歉，原内容已删除

2021-07-26

Greed foot in the door

Tesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote>

2021-07-26

Wat NASA do then?

抱歉，原内容已删除

2021-07-25

Can't stand video games

抱歉，原内容已删除

2021-07-25

Prolly cos of greedy tutors taking advantage of tiger parents

抱歉，原内容已删除

2021-07-25

Yes

抱歉，原内容已删除

2021-07-23

Bec tutoring is causing a lot of pain, like doctors fees

抱歉，原内容已删除

去老虎APP查看更多动态

{"i18n":{"language":"zh_CN"},"userPageInfo":{"id":"3573708491598785","uuid":"3573708491598785","gmtCreate":1614231830053,"gmtModify":1625928353460,"name":"SHAJ","pinyin":"shaj","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":6,"headSize":21,"tweetSize":46,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":1,"name":"萌萌虎","nameTw":"萌萌虎","represent":"呱呱坠地","factor":"评论帖子3次或发布1条主帖（非转发）","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":null,"userBadges":[{"badgeId":"e50ce593bb40487ebfb542ca54f6a561-3","templateUuid":"e50ce593bb40487ebfb542ca54f6a561","name":"偶像虎友","description":"加入老虎社区1500天","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.04.22","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectConfig":null,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"wearingSort":0}],"userBadgeCount":1,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":1,"crmLevelSwitch":0,"location":"未知","starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":866302863,"gmtCreate":1632730874352,"gmtModify":1632798248490,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"U need satellites for that?","listText":"U need satellites for that?","text":"U need satellites for that?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866302863","repostId":"1122691301","repostType":4,"isVote":1,"tweetType":1,"viewCount":2732,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866306594,"gmtCreate":1632730824918,"gmtModify":1632798249343,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Good headline.","listText":"Good headline.","text":"Good headline.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866306594","repostId":"1147152921","repostType":4,"isVote":1,"tweetType":1,"viewCount":3040,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866301856,"gmtCreate":1632730714575,"gmtModify":1632798251399,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Goodbye Fashbook.","listText":"Goodbye Fashbook.","text":"Goodbye Fashbook.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866301856","repostId":"1180956658","repostType":4,"isVote":1,"tweetType":1,"viewCount":2515,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":866303379,"gmtCreate":1632730676391,"gmtModify":1632798252125,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"The age of shedding responsibility.","listText":"The age of shedding responsibility.","text":"The age of shedding responsibility.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/866303379","repostId":"1128485442","repostType":4,"repost":{"id":"1128485442","kind":"news","pubTimestamp":1632729714,"share":"https://www.laohu8.com/m/news/1128485442?lang=zh_CN&edition=full","pubTime":"2021-09-27 16:01","market":"us","language":"en","title":"Tesla's 'Beta Button' Is Live. What It Means for the Stock.<blockquote>特斯拉的“测试按钮”已上线。这对股票意味着什么。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1128485442","media":"Barrons","summary":"Tesla delivered its “beta button” Friday, bringing the next level of autonomous driving to its car o","content":"<p>Tesla delivered its “beta button” Friday, bringing the next level of autonomous driving to its car owners. Regulators aren’t happy.</p><p><blockquote>特斯拉周五交付了“测试按钮”，为车主带来了下一个级别的自动驾驶。监管机构并不高兴。</blockquote></p><p> With the “beta button,” Tesla (ticker: TSLA) owners can now request the most sophisticated version of Tesla’s autonomous-driving software, dubbed Full Self Driving, or FSD, with the press of a finger. The button went live on Friday.</p><p><blockquote>通过“测试按钮”，特斯拉（股票代码：TSLA）车主现在只需按一下手指即可请求特斯拉自动驾驶软件最先进版本，称为全自动驾驶（FSD）。该按钮于周五上线。</blockquote></p><p> Tesla’s new system will do things such as make left turns for the driver. Tesla has let some drivers test the system before now. Many videos from testers that review the capabilities—and issues—with the system are available on YouTube. </p><p><blockquote>特斯拉的新系统将为驾驶员提供左转等功能。特斯拉之前已经让一些司机测试了该系统。YouTube上有许多测试人员回顾该系统功能和问题的视频。</blockquote></p><p> Just hitting the button isn’t all Tesla drivers have to do. The button doesn’t grant access to the new version automatically. Tesla judges driving behavior for a week before the upgrade is activated.</p><p><blockquote>特斯拉司机所要做的不仅仅是按下按钮。该按钮不会自动授予对新版本的访问权限。特斯拉在升级激活前一周对驾驶行为进行判断。</blockquote></p><p> Regulators have expressed nervousness about the launch and calling a safety feature a “beta” version. But beyond that, nothing much has happened. Investors can expect more to happen in coming weeks, including videos, tweets, and stories about Tesla’s full self-driving software and what regulators are thinking about it.</p><p><blockquote>监管机构对此次发布表示紧张，并将安全功能称为“测试版”。但除此之外，什么也没发生。投资者可以预计未来几周会发生更多事情，包括有关特斯拉全自动驾驶软件以及监管机构对此想法的视频、推文和故事。</blockquote></p><p> Tesla hasn’t responded to multiple requests for comment about FSD, but the company has said in many public forums that it believes FSD software makes its vehicles safer to drive.</p><p><blockquote>特斯拉尚未回应有关FSD的多次置评请求，但该公司在许多公共论坛上表示，它相信FSD软件使其车辆驾驶起来更安全。</blockquote></p><p> Tesla FSD is a so-called Level 2 autonomous-driving system. Level 2 means drivers need to watch the road at all times. The new version is the same kind of system. It makes driving easier and more convenient, but there are no systems that allow drivers to stop paying attention to driving altogether. That’s what Tesla, and the rest of the auto industry, wants to achieve years down the road.</p><p><blockquote>特斯拉FSD是所谓的2级自动驾驶系统。2级意味着驾驶员需要时刻关注道路。新版本是同类系统。它使驾驶变得更加容易和方便，但没有系统可以让驾驶员完全停止对驾驶的注意力。这就是特斯拉和汽车行业其他公司在未来几年想要实现的目标。</blockquote></p><p> Tesla stock, for its part, is at its highest level in months. Shares closed up 2.8% at $774.49 on Friday, and are now up about 10% in 2021, trailing just behind comparable gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average. But all those gains have come recently. Tesla stock is up 15% over the past three months.</p><p><blockquote>特斯拉股价则处于数月来的最高水平。该股周五收盘上涨2.8%，至774.49美元，目前2021年上涨约10%，仅次于标准普尔500指数和道琼斯工业平均指数的可比涨幅。但所有这些收益都是最近才出现的。特斯拉股价在过去三个月上涨了15%。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla's 'Beta Button' Is Live. What It Means for the Stock.<blockquote>特斯拉的“测试按钮”已上线。这对股票意味着什么。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla's 'Beta Button' Is Live. What It Means for the Stock.<blockquote>特斯拉的“测试按钮”已上线。这对股票意味着什么。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-09-27 16:01</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Tesla delivered its “beta button” Friday, bringing the next level of autonomous driving to its car owners. Regulators aren’t happy.</p><p><blockquote>特斯拉周五交付了“测试按钮”，为车主带来了下一个级别的自动驾驶。监管机构并不高兴。</blockquote></p><p> With the “beta button,” Tesla (ticker: TSLA) owners can now request the most sophisticated version of Tesla’s autonomous-driving software, dubbed Full Self Driving, or FSD, with the press of a finger. The button went live on Friday.</p><p><blockquote>通过“测试按钮”，特斯拉（股票代码：TSLA）车主现在只需按一下手指即可请求特斯拉自动驾驶软件最先进版本，称为全自动驾驶（FSD）。该按钮于周五上线。</blockquote></p><p> Tesla’s new system will do things such as make left turns for the driver. Tesla has let some drivers test the system before now. Many videos from testers that review the capabilities—and issues—with the system are available on YouTube. </p><p><blockquote>特斯拉的新系统将为驾驶员提供左转等功能。特斯拉之前已经让一些司机测试了该系统。YouTube上有许多测试人员回顾该系统功能和问题的视频。</blockquote></p><p> Just hitting the button isn’t all Tesla drivers have to do. The button doesn’t grant access to the new version automatically. Tesla judges driving behavior for a week before the upgrade is activated.</p><p><blockquote>特斯拉司机所要做的不仅仅是按下按钮。该按钮不会自动授予对新版本的访问权限。特斯拉在升级激活前一周对驾驶行为进行判断。</blockquote></p><p> Regulators have expressed nervousness about the launch and calling a safety feature a “beta” version. But beyond that, nothing much has happened. Investors can expect more to happen in coming weeks, including videos, tweets, and stories about Tesla’s full self-driving software and what regulators are thinking about it.</p><p><blockquote>监管机构对此次发布表示紧张，并将安全功能称为“测试版”。但除此之外，什么也没发生。投资者可以预计未来几周会发生更多事情，包括有关特斯拉全自动驾驶软件以及监管机构对此想法的视频、推文和故事。</blockquote></p><p> Tesla hasn’t responded to multiple requests for comment about FSD, but the company has said in many public forums that it believes FSD software makes its vehicles safer to drive.</p><p><blockquote>特斯拉尚未回应有关FSD的多次置评请求，但该公司在许多公共论坛上表示，它相信FSD软件使其车辆驾驶起来更安全。</blockquote></p><p> Tesla FSD is a so-called Level 2 autonomous-driving system. Level 2 means drivers need to watch the road at all times. The new version is the same kind of system. It makes driving easier and more convenient, but there are no systems that allow drivers to stop paying attention to driving altogether. That’s what Tesla, and the rest of the auto industry, wants to achieve years down the road.</p><p><blockquote>特斯拉FSD是所谓的2级自动驾驶系统。2级意味着驾驶员需要时刻关注道路。新版本是同类系统。它使驾驶变得更加容易和方便，但没有系统可以让驾驶员完全停止对驾驶的注意力。这就是特斯拉和汽车行业其他公司在未来几年想要实现的目标。</blockquote></p><p> Tesla stock, for its part, is at its highest level in months. Shares closed up 2.8% at $774.49 on Friday, and are now up about 10% in 2021, trailing just behind comparable gains of the&nbsp;S&amp;P 500&nbsp;and&nbsp;Dow Jones Industrial Average. But all those gains have come recently. Tesla stock is up 15% over the past three months.</p><p><blockquote>特斯拉股价则处于数月来的最高水平。该股周五收盘上涨2.8%，至774.49美元，目前2021年上涨约10%，仅次于标准普尔500指数和道琼斯工业平均指数的可比涨幅。但所有这些收益都是最近才出现的。特斯拉股价在过去三个月上涨了15%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/tesla-stock-autonomous-driving-beta-button-51632583470?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://www.barrons.com/articles/tesla-stock-autonomous-driving-beta-button-51632583470?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1128485442","content_text":"Tesla delivered its “beta button” Friday, bringing the next level of autonomous driving to its car owners. Regulators aren’t happy.\nWith the “beta button,” Tesla (ticker: TSLA) owners can now request the most sophisticated version of Tesla’s autonomous-driving software, dubbed Full Self Driving, or FSD, with the press of a finger. The button went live on Friday.\n\nTesla’s new system will do things such as make left turns for the driver. Tesla has let some drivers test the system before now. Many videos from testers that review the capabilities—and issues—with the system are available on YouTube. \n\nJust hitting the button isn’t all Tesla drivers have to do. The button doesn’t grant access to the new version automatically. Tesla judges driving behavior for a week before the upgrade is activated.\n\nRegulators have expressed nervousness about the launch and calling a safety feature a “beta” version. But beyond that, nothing much has happened. Investors can expect more to happen in coming weeks, including videos, tweets, and stories about Tesla’s full self-driving software and what regulators are thinking about it.\nTesla hasn’t responded to multiple requests for comment about FSD, but the company has said in many public forums that it believes FSD software makes its vehicles safer to drive.\nTesla FSD is a so-called Level 2 autonomous-driving system. Level 2 means drivers need to watch the road at all times. The new version is the same kind of system. It makes driving easier and more convenient, but there are no systems that allow drivers to stop paying attention to driving altogether. That’s what Tesla, and the rest of the auto industry, wants to achieve years down the road.\n\nTesla stock, for its part, is at its highest level in months. Shares closed up 2.8% at $774.49 on Friday, and are now up about 10% in 2021, trailing just behind comparable gains of the S&P 500 and Dow Jones Industrial Average. But all those gains have come recently. Tesla stock is up 15% over the past three months.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":2450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":893120118,"gmtCreate":1628248037534,"gmtModify":1633752272974,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Hang in there.","listText":"Hang in there.","text":"Hang in there.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/893120118","repostId":"1135651416","repostType":4,"isVote":1,"tweetType":1,"viewCount":2008,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808707477,"gmtCreate":1627609026299,"gmtModify":1633757823230,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Pinterest is boring","listText":"Pinterest is boring","text":"Pinterest is boring","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808707477","repostId":"1154593458","repostType":4,"isVote":1,"tweetType":1,"viewCount":1910,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808365315,"gmtCreate":1627558469737,"gmtModify":1633763826892,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Getting unpopular","listText":"Getting unpopular","text":"Getting unpopular","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808365315","repostId":"1160646302","repostType":4,"isVote":1,"tweetType":1,"viewCount":2014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808362372,"gmtCreate":1627558392596,"gmtModify":1633763827540,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Dump pp, too many complaints.","listText":"Dump pp, too many complaints.","text":"Dump pp, too many complaints.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/808362372","repostId":"1157796712","repostType":4,"repost":{"id":"1157796712","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1627546052,"share":"https://www.laohu8.com/m/news/1157796712?lang=zh_CN&edition=full","pubTime":"2021-07-29 16:07","market":"us","language":"en","title":"PayPal Earnings Beat Expectations. Why Its Stock Is Dropping.<blockquote>PayPal盈利超出预期。为什么它的股票在下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1157796712","media":"Tiger Newspress","summary":"PayPal stock tumbled nearly 5% after the payments company beat second-quarter earnings forecasts but","content":"<p>PayPal stock tumbled&nbsp;nearly&nbsp;5%&nbsp;after the payments company beat second-quarter earnings forecasts but offered below-consensus guidance.</p><p><blockquote>支付公司PayPal第二季度盈利超出预期，但提供的指引低于市场普遍预期，该公司股价暴跌近5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7f8c2f03bbb34acf38cda8e22bd97803\" tg-width=\"881\" tg-height=\"641\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal reported an adjusted profit of $1.15 a share, beating forecasts for $1.13 on sales of $6.24 billion, missing analyst estimates for $6.27 billion. PayPal also said it would earn $1.07 a share in the third quarter, below estimates for $1.14, while sales guidance of $6.15 to $6.25 billion came in shy of expectations for $6.43</p><p><blockquote>PayPal公布调整后每股利润为1.15美元，超过预期的1.13美元，销售额为62.4亿美元，低于分析师预期的62.7亿美元。PayPal还表示，第三季度每股收益为1.07美元，低于预期的1.14美元，而销售额指引为6.15至62.5亿美元，低于预期的6.43美元</blockquote></p><p> “3Q outlook will drive the narrative, with revenues guided ~3.5% below Street ests. and EPS ~6% below,” writes Jefferies analyst Trevor Williams.</p><p><blockquote>杰富瑞(Jefferies)分析师特雷弗·威廉姆斯(Trevor Williams)写道：“第三季度前景将推动人们的叙述，收入预计比华尔街预期低约3.5%。每股收益预计低约6%。”</blockquote></p><p> PayPal highlighted the impact of&nbsp;eBay‘s transition to a “managed payments” system as one source of slower growth. TPV growth was 40% with eBay, 48% without out, while sales grew at a 32% clip without eBay versus 19% with.</p><p><blockquote>PayPal强调了eBay向“托管支付”系统过渡的影响，认为这是增长放缓的原因之一。有eBay的TPV增长率为40%，没有out的TPV增长率为48%，而没有eBay的销售额增长率为32%，而有eBay的销售额增长率为19%。</blockquote></p><p> “We’re now absorbing more pressure from eBay than we had previously expected,” CFO John Rainey said on a call with analysts. He added that the company is “planning for eBay’s drag on our revenue growth to be greater than previously expected. The drag will amount to 8.5 percentage points of growth on third quarter revenue, shaving off $465 million and taking revenue to an estimated $6.2 billion.</p><p><blockquote>首席财务官John Rainey在与分析师的看涨期权上表示：“我们现在从eBay吸收的压力比我们之前预期的要大。”他补充说，该公司“计划eBay对我们收入增长的拖累将大于之前的预期。这一拖累将使第三季度收入增长8.5个百分点，减少4.65亿美元，收入预计将达到62亿美元。</blockquote></p><p> Mizuho Securities’ Dan Dolev urged investors to take the longer view. While it’s true that the “Covid honeymoon may be over,” he wrote, referring to PayPal’s phenomenal growth in 2020, he highlighted several positives in the earnings report, including stronger engagement with PayPal’s core apps and momentum in new initiatives like “buy now pay later,” which saw 49% quarterly volume growth in transactions.</p><p><blockquote>瑞穗证券的丹·多列夫敦促投资者放眼长远。他在谈到PayPal在2020年的惊人增长时写道，虽然“新冠疫情蜜月可能已经结束”，但他在财报中强调了几个积极因素，包括与PayPal核心应用程序的更强参与度以及“立即购买”等新举措的势头稍后付款”，交易量季度增长49%。</blockquote></p><p> He also points out that PayPal’s boosted its total payment volume guidance from 30% to 33%-35% in the third quarter, 10 points higher than prepandemic levels. “This suggests strong e-commerce trends and PYPL’s share gains are here to stay,” he wrote in a note.</p><p><blockquote>他还指出，PayPal百货第三季度将总支付量指引从30%上调至33%-35%，比疫情前水平高出10个百分点。他在一份报告中写道：“这表明电子商务趋势强劲，PYPL的股价涨幅将持续下去。”</blockquote></p><p> But expectations for the stock may be tough to meet at this juncture, and there were signs of pressure that may be building.</p><p><blockquote>但目前对该股的预期可能很难达到，而且有迹象表明压力可能正在增加。</blockquote></p><p> PayPal, for instance, reported that it’s continuing to see weakness in the “take rate” it charges merchants, referring to the payments they make to PayPal for its services. The rate fell from 2.21% in the fourth quarter of 2020 to 2.11% in the first quarter and 2.01% in the second quarter. PayPal attributed the decline to lower eBay volumes and declines in foreign exchange fees, but it may also indicate that PayPal is facing more competitive pricing pressure.</p><p><blockquote>例如，PayPal报告称，它向商家收取的“使用率”持续疲软，指的是他们向PayPal支付的服务费用。该比率从2020年第四季度的2.21%下降到第一季度的2.11%和第二季度的2.01%。PayPal将这一下降归因于eBay交易量下降和外汇费用下降，但这也可能表明PayPal正面临更具竞争力的定价压力。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>PayPal Earnings Beat Expectations. Why Its Stock Is Dropping.<blockquote>PayPal盈利超出预期。为什么它的股票在下跌。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPayPal Earnings Beat Expectations. Why Its Stock Is Dropping.<blockquote>PayPal盈利超出预期。为什么它的股票在下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-07-29 16:07</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>PayPal stock tumbled&nbsp;nearly&nbsp;5%&nbsp;after the payments company beat second-quarter earnings forecasts but offered below-consensus guidance.</p><p><blockquote>支付公司PayPal第二季度盈利超出预期，但提供的指引低于市场普遍预期，该公司股价暴跌近5%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7f8c2f03bbb34acf38cda8e22bd97803\" tg-width=\"881\" tg-height=\"641\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> PayPal reported an adjusted profit of $1.15 a share, beating forecasts for $1.13 on sales of $6.24 billion, missing analyst estimates for $6.27 billion. PayPal also said it would earn $1.07 a share in the third quarter, below estimates for $1.14, while sales guidance of $6.15 to $6.25 billion came in shy of expectations for $6.43</p><p><blockquote>PayPal公布调整后每股利润为1.15美元，超过预期的1.13美元，销售额为62.4亿美元，低于分析师预期的62.7亿美元。PayPal还表示，第三季度每股收益为1.07美元，低于预期的1.14美元，而销售额指引为6.15至62.5亿美元，低于预期的6.43美元</blockquote></p><p> “3Q outlook will drive the narrative, with revenues guided ~3.5% below Street ests. and EPS ~6% below,” writes Jefferies analyst Trevor Williams.</p><p><blockquote>杰富瑞(Jefferies)分析师特雷弗·威廉姆斯(Trevor Williams)写道：“第三季度前景将推动人们的叙述，收入预计比华尔街预期低约3.5%。每股收益预计低约6%。”</blockquote></p><p> PayPal highlighted the impact of&nbsp;eBay‘s transition to a “managed payments” system as one source of slower growth. TPV growth was 40% with eBay, 48% without out, while sales grew at a 32% clip without eBay versus 19% with.</p><p><blockquote>PayPal强调了eBay向“托管支付”系统过渡的影响，认为这是增长放缓的原因之一。有eBay的TPV增长率为40%，没有out的TPV增长率为48%，而没有eBay的销售额增长率为32%，而有eBay的销售额增长率为19%。</blockquote></p><p> “We’re now absorbing more pressure from eBay than we had previously expected,” CFO John Rainey said on a call with analysts. He added that the company is “planning for eBay’s drag on our revenue growth to be greater than previously expected. The drag will amount to 8.5 percentage points of growth on third quarter revenue, shaving off $465 million and taking revenue to an estimated $6.2 billion.</p><p><blockquote>首席财务官John Rainey在与分析师的看涨期权上表示：“我们现在从eBay吸收的压力比我们之前预期的要大。”他补充说，该公司“计划eBay对我们收入增长的拖累将大于之前的预期。这一拖累将使第三季度收入增长8.5个百分点，减少4.65亿美元，收入预计将达到62亿美元。</blockquote></p><p> Mizuho Securities’ Dan Dolev urged investors to take the longer view. While it’s true that the “Covid honeymoon may be over,” he wrote, referring to PayPal’s phenomenal growth in 2020, he highlighted several positives in the earnings report, including stronger engagement with PayPal’s core apps and momentum in new initiatives like “buy now pay later,” which saw 49% quarterly volume growth in transactions.</p><p><blockquote>瑞穗证券的丹·多列夫敦促投资者放眼长远。他在谈到PayPal在2020年的惊人增长时写道，虽然“新冠疫情蜜月可能已经结束”，但他在财报中强调了几个积极因素，包括与PayPal核心应用程序的更强参与度以及“立即购买”等新举措的势头稍后付款”，交易量季度增长49%。</blockquote></p><p> He also points out that PayPal’s boosted its total payment volume guidance from 30% to 33%-35% in the third quarter, 10 points higher than prepandemic levels. “This suggests strong e-commerce trends and PYPL’s share gains are here to stay,” he wrote in a note.</p><p><blockquote>他还指出，PayPal百货第三季度将总支付量指引从30%上调至33%-35%，比疫情前水平高出10个百分点。他在一份报告中写道：“这表明电子商务趋势强劲，PYPL的股价涨幅将持续下去。”</blockquote></p><p> But expectations for the stock may be tough to meet at this juncture, and there were signs of pressure that may be building.</p><p><blockquote>但目前对该股的预期可能很难达到，而且有迹象表明压力可能正在增加。</blockquote></p><p> PayPal, for instance, reported that it’s continuing to see weakness in the “take rate” it charges merchants, referring to the payments they make to PayPal for its services. The rate fell from 2.21% in the fourth quarter of 2020 to 2.11% in the first quarter and 2.01% in the second quarter. PayPal attributed the decline to lower eBay volumes and declines in foreign exchange fees, but it may also indicate that PayPal is facing more competitive pricing pressure.</p><p><blockquote>例如，PayPal报告称，它向商家收取的“使用率”持续疲软，指的是他们向PayPal支付的服务费用。该比率从2020年第四季度的2.21%下降到第一季度的2.11%和第二季度的2.01%。PayPal将这一下降归因于eBay交易量下降和外汇费用下降，但这也可能表明PayPal正面临更具竞争力的定价压力。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PYPL":"PayPal"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1157796712","content_text":"PayPal stock tumbled nearly 5% after the payments company beat second-quarter earnings forecasts but offered below-consensus guidance.\n\nPayPal reported an adjusted profit of $1.15 a share, beating forecasts for $1.13 on sales of $6.24 billion, missing analyst estimates for $6.27 billion. PayPal also said it would earn $1.07 a share in the third quarter, below estimates for $1.14, while sales guidance of $6.15 to $6.25 billion came in shy of expectations for $6.43\n“3Q outlook will drive the narrative, with revenues guided ~3.5% below Street ests. and EPS ~6% below,” writes Jefferies analyst Trevor Williams.\nPayPal highlighted the impact of eBay‘s transition to a “managed payments” system as one source of slower growth. TPV growth was 40% with eBay, 48% without out, while sales grew at a 32% clip without eBay versus 19% with.\n“We’re now absorbing more pressure from eBay than we had previously expected,” CFO John Rainey said on a call with analysts. He added that the company is “planning for eBay’s drag on our revenue growth to be greater than previously expected. The drag will amount to 8.5 percentage points of growth on third quarter revenue, shaving off $465 million and taking revenue to an estimated $6.2 billion.\nMizuho Securities’ Dan Dolev urged investors to take the longer view. While it’s true that the “Covid honeymoon may be over,” he wrote, referring to PayPal’s phenomenal growth in 2020, he highlighted several positives in the earnings report, including stronger engagement with PayPal’s core apps and momentum in new initiatives like “buy now pay later,” which saw 49% quarterly volume growth in transactions.\nHe also points out that PayPal’s boosted its total payment volume guidance from 30% to 33%-35% in the third quarter, 10 points higher than prepandemic levels. “This suggests strong e-commerce trends and PYPL’s share gains are here to stay,” he wrote in a note.\nBut expectations for the stock may be tough to meet at this juncture, and there were signs of pressure that may be building.\nPayPal, for instance, reported that it’s continuing to see weakness in the “take rate” it charges merchants, referring to the payments they make to PayPal for its services. The rate fell from 2.21% in the fourth quarter of 2020 to 2.11% in the first quarter and 2.01% in the second quarter. PayPal attributed the decline to lower eBay volumes and declines in foreign exchange fees, but it may also indicate that PayPal is facing more competitive pricing pressure.","news_type":1,"symbols_score_info":{"PYPL":0.9}},"isVote":1,"tweetType":1,"viewCount":1911,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801100375,"gmtCreate":1627485514497,"gmtModify":1633764520751,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Bye-bye facebook","listText":"Bye-bye facebook","text":"Bye-bye facebook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801100375","repostId":"1179923360","repostType":4,"isVote":1,"tweetType":1,"viewCount":1921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801372498,"gmtCreate":1627485335714,"gmtModify":1633764523387,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Inari. Promising","listText":"Inari. Promising","text":"Inari. Promising","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/801372498","repostId":"2154236859","repostType":4,"isVote":1,"tweetType":1,"viewCount":1835,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801376343,"gmtCreate":1627485247982,"gmtModify":1631885102675,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Time to try cheap coffee.","listText":"Time to try cheap coffee.","text":"Time to try cheap coffee.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/801376343","repostId":"1112939298","repostType":4,"repost":{"id":"1112939298","kind":"news","pubTimestamp":1627484367,"share":"https://www.laohu8.com/m/news/1112939298?lang=zh_CN&edition=full","pubTime":"2021-07-28 22:59","market":"us","language":"en","title":"Starbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112939298","media":"Barrons","summary":"Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s clo","content":"<p>Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s close.</p><p><blockquote>尽管星巴克在周二收盘后公布的盈利好于预期，但其股价仍在下跌。</blockquote></p><p> Starbucks&nbsp;reported non-GAAP per-share earnings of $1.01 on $7.5 billion in revenue, a record. Analysts had forecast earnings per share of $0.77 on $7.3 billion in revenue.</p><p><blockquote>星巴克公布的非GAAP每股收益为1.01美元，营收为75亿美元，创历史新高。分析师此前预测每股收益为0.77美元，营收为73亿美元。</blockquote></p><p> Despite beating consensus revenue and earnings targets, Starbucks stock is down 3%, to $122.30.</p><p><blockquote>尽管收入和盈利超出了市场普遍预期的目标，星巴克股价仍下跌3%，至122.30美元。</blockquote></p><p> Driven by an 84% increase in same-store sales in America, the global coffee giant reported an overall increase in comparable-store sales of 73% relative to the third quarter last year. Indeed, brand loyalty remains strong, especially in the U.S. where 90-day active&nbsp;members of the Starbucks Rewards loyalty program&nbsp;increased 48% year-over-year and now account for 51% of all spending in U.S. stores–up 8% from pre-pandemic levels.</p><p><blockquote>在美国同店销售额增长84%的推动下，这家全球咖啡巨头报告称，与去年第三季度相比，同店销售额总体增长了73%。事实上，品牌忠诚度仍然很高，尤其是在美国，星巴克奖励忠诚度计划的90天活跃会员同比增长48%，目前占美国商店总支出的51%，比前增长了8%-大流行水平。</blockquote></p><p> In a statement, Starbucks CEO Kevin Johnson told investors “Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment.”</p><p><blockquote>星巴克首席执行官凯文·约翰逊在一份声明中告诉投资者：“星巴克在第三季度取得了创纪录的业绩，展示了复苏之外的强大势头。我们快速、敏捷地行动以及领先于不断变化的客户行为的能力帮助星巴克进一步脱颖而出，让我们在这一刻处于有利地位。”</blockquote></p><p> The strong results have prompted management to raise the company’s 2021 earnings per share outlook from $2.90-$3.00 to $3.20-$3.25.</p><p><blockquote>强劲的业绩促使管理层将公司2021年每股收益预期从2.90-3.00美元上调至3.20-3.25美元。</blockquote></p><p> During the earnings call, analysts were keen to hear about management’s outlook on China, as they expressed concerns about consumer pushback against U.S. brands in the region. However, Johnson was quick to dispel the concerns, commenting that there hasn’t been a&nbsp;geopolitical event in China&nbsp;that has impacted them in the past couple of years, and he doesn’t foresee that happening as long as they continue taking care of their partners and customers.</p><p><blockquote>在财报看涨期权上，分析师们渴望了解管理层对中国的展望，因为他们表达了对中国消费者抵制美国品牌的担忧。然而，约翰逊很快打消了这些担忧，他评论说，过去几年中国没有发生影响他们的地缘政治事件，只要他们继续照顾他们的合作伙伴和客户，他预计这种情况不会发生。</blockquote></p><p> While fears about&nbsp;rising labor costs&nbsp;did not materialize since operating margins were higher than last quarter and the corresponding period last year, analysts were expecting better performance in international markets. Cowen analyst, Andrew Charles, stated that Starbucks’s 41% change in comparable-store sales relative to the same period last year fell short of the 62% growth he anticipated to see. Nonetheless, the impressive numbers from the U.S. were enough for Charles to raise his price target from $126 to $135. Likewise, Stifel analyst Chris O’Cull had expected international comparable store sales to increase 66%. O’Cull further noted that management offered guidance, which implied roughly flat two-year international comparable store sales.</p><p><blockquote>尽管由于营业利润率高于上季度和去年同期，对劳动力成本上升的担忧并未成为现实，但分析师预计国际市场的表现会更好。Cowen分析师安德鲁·查尔斯(Andrew Charles)表示，星巴克同店销售额与去年同期相比变化了41%，低于他预期的62%增长。尽管如此，来自美国的令人印象深刻的数据足以让查尔斯将目标价从126美元提高到135美元。同样，Stifel分析师Chris O’Cull此前预计国际可比商店销售额将增长66%。奥卡尔进一步指出，管理层提供了指导，这意味着两年国际可比商店销售额大致持平。</blockquote></p><p> The question to investors remains whether strong U.S. growth is enough to keep on offsetting slower international growth and push the stock higher.</p><p><blockquote>投资者面临的问题仍然是，美国的强劲增长是否足以继续抵消国际增长放缓的影响并推高股价。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Starbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStarbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-28 22:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s close.</p><p><blockquote>尽管星巴克在周二收盘后公布的盈利好于预期，但其股价仍在下跌。</blockquote></p><p> Starbucks&nbsp;reported non-GAAP per-share earnings of $1.01 on $7.5 billion in revenue, a record. Analysts had forecast earnings per share of $0.77 on $7.3 billion in revenue.</p><p><blockquote>星巴克公布的非GAAP每股收益为1.01美元，营收为75亿美元，创历史新高。分析师此前预测每股收益为0.77美元，营收为73亿美元。</blockquote></p><p> Despite beating consensus revenue and earnings targets, Starbucks stock is down 3%, to $122.30.</p><p><blockquote>尽管收入和盈利超出了市场普遍预期的目标，星巴克股价仍下跌3%，至122.30美元。</blockquote></p><p> Driven by an 84% increase in same-store sales in America, the global coffee giant reported an overall increase in comparable-store sales of 73% relative to the third quarter last year. Indeed, brand loyalty remains strong, especially in the U.S. where 90-day active&nbsp;members of the Starbucks Rewards loyalty program&nbsp;increased 48% year-over-year and now account for 51% of all spending in U.S. stores–up 8% from pre-pandemic levels.</p><p><blockquote>在美国同店销售额增长84%的推动下，这家全球咖啡巨头报告称，与去年第三季度相比，同店销售额总体增长了73%。事实上，品牌忠诚度仍然很高，尤其是在美国，星巴克奖励忠诚度计划的90天活跃会员同比增长48%，目前占美国商店总支出的51%，比前增长了8%-大流行水平。</blockquote></p><p> In a statement, Starbucks CEO Kevin Johnson told investors “Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment.”</p><p><blockquote>星巴克首席执行官凯文·约翰逊在一份声明中告诉投资者：“星巴克在第三季度取得了创纪录的业绩，展示了复苏之外的强大势头。我们快速、敏捷地行动以及领先于不断变化的客户行为的能力帮助星巴克进一步脱颖而出，让我们在这一刻处于有利地位。”</blockquote></p><p> The strong results have prompted management to raise the company’s 2021 earnings per share outlook from $2.90-$3.00 to $3.20-$3.25.</p><p><blockquote>强劲的业绩促使管理层将公司2021年每股收益预期从2.90-3.00美元上调至3.20-3.25美元。</blockquote></p><p> During the earnings call, analysts were keen to hear about management’s outlook on China, as they expressed concerns about consumer pushback against U.S. brands in the region. However, Johnson was quick to dispel the concerns, commenting that there hasn’t been a&nbsp;geopolitical event in China&nbsp;that has impacted them in the past couple of years, and he doesn’t foresee that happening as long as they continue taking care of their partners and customers.</p><p><blockquote>在财报看涨期权上，分析师们渴望了解管理层对中国的展望，因为他们表达了对中国消费者抵制美国品牌的担忧。然而，约翰逊很快打消了这些担忧，他评论说，过去几年中国没有发生影响他们的地缘政治事件，只要他们继续照顾他们的合作伙伴和客户，他预计这种情况不会发生。</blockquote></p><p> While fears about&nbsp;rising labor costs&nbsp;did not materialize since operating margins were higher than last quarter and the corresponding period last year, analysts were expecting better performance in international markets. Cowen analyst, Andrew Charles, stated that Starbucks’s 41% change in comparable-store sales relative to the same period last year fell short of the 62% growth he anticipated to see. Nonetheless, the impressive numbers from the U.S. were enough for Charles to raise his price target from $126 to $135. Likewise, Stifel analyst Chris O’Cull had expected international comparable store sales to increase 66%. O’Cull further noted that management offered guidance, which implied roughly flat two-year international comparable store sales.</p><p><blockquote>尽管由于营业利润率高于上季度和去年同期，对劳动力成本上升的担忧并未成为现实，但分析师预计国际市场的表现会更好。Cowen分析师安德鲁·查尔斯(Andrew Charles)表示，星巴克同店销售额与去年同期相比变化了41%，低于他预期的62%增长。尽管如此，来自美国的令人印象深刻的数据足以让查尔斯将目标价从126美元提高到135美元。同样，Stifel分析师Chris O’Cull此前预计国际可比商店销售额将增长66%。奥卡尔进一步指出，管理层提供了指导，这意味着两年国际可比商店销售额大致持平。</blockquote></p><p> The question to investors remains whether strong U.S. growth is enough to keep on offsetting slower international growth and push the stock higher.</p><p><blockquote>投资者面临的问题仍然是，美国的强劲增长是否足以继续抵消国际增长放缓的影响并推高股价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/starbucks-earnings-stock-51627419105?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBUX":"星巴克"},"source_url":"https://www.barrons.com/articles/starbucks-earnings-stock-51627419105?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112939298","content_text":"Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s close.\nStarbucks reported non-GAAP per-share earnings of $1.01 on $7.5 billion in revenue, a record. Analysts had forecast earnings per share of $0.77 on $7.3 billion in revenue.\nDespite beating consensus revenue and earnings targets, Starbucks stock is down 3%, to $122.30.\nDriven by an 84% increase in same-store sales in America, the global coffee giant reported an overall increase in comparable-store sales of 73% relative to the third quarter last year. Indeed, brand loyalty remains strong, especially in the U.S. where 90-day active members of the Starbucks Rewards loyalty program increased 48% year-over-year and now account for 51% of all spending in U.S. stores–up 8% from pre-pandemic levels.\nIn a statement, Starbucks CEO Kevin Johnson told investors “Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment.”\nThe strong results have prompted management to raise the company’s 2021 earnings per share outlook from $2.90-$3.00 to $3.20-$3.25.\nDuring the earnings call, analysts were keen to hear about management’s outlook on China, as they expressed concerns about consumer pushback against U.S. brands in the region. However, Johnson was quick to dispel the concerns, commenting that there hasn’t been a geopolitical event in China that has impacted them in the past couple of years, and he doesn’t foresee that happening as long as they continue taking care of their partners and customers.\nWhile fears about rising labor costs did not materialize since operating margins were higher than last quarter and the corresponding period last year, analysts were expecting better performance in international markets. Cowen analyst, Andrew Charles, stated that Starbucks’s 41% change in comparable-store sales relative to the same period last year fell short of the 62% growth he anticipated to see. Nonetheless, the impressive numbers from the U.S. were enough for Charles to raise his price target from $126 to $135. Likewise, Stifel analyst Chris O’Cull had expected international comparable store sales to increase 66%. O’Cull further noted that management offered guidance, which implied roughly flat two-year international comparable store sales.\nThe question to investors remains whether strong U.S. growth is enough to keep on offsetting slower international growth and push the stock higher.","news_type":1,"symbols_score_info":{"SBUX":0.9}},"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809434568,"gmtCreate":1627386178054,"gmtModify":1633765521321,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Yet to try.","listText":"Yet to try.","text":"Yet to try.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/809434568","repostId":"1118738178","repostType":4,"repost":{"id":"1118738178","kind":"news","pubTimestamp":1627385338,"share":"https://www.laohu8.com/m/news/1118738178?lang=zh_CN&edition=full","pubTime":"2021-07-27 19:28","market":"us","language":"en","title":"Snap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118738178","media":"seekingalpha","summary":"Summary\n\nSnap had a high bar to cross to impress investors. And not only did its Q2 results succeed ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Snap had a high bar to cross to impress investors. And not only did its Q2 results succeed but, looking out to its Q3 guidance, its prospects remain very attractive.</li>  <li>Snap's ARPU in North America was the highlight of its Q2 results.</li>  <li>Snap is not in the bargain basement. Hence, investors looking to buy at this stage will have to take a buy-and-hold investment strategy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce123df394d362ecf57640f1621162e3\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Geber86/E+ via Getty Images</span></p><p><blockquote><ul><li>Snap需要跨越很高的门槛才能给投资者留下深刻印象。不仅第二季度业绩取得成功，而且从第三季度指引来看，其前景仍然非常有吸引力。</li><li>Snap在北美的ARPU是其第二季度业绩的亮点。</li><li>Snap不在廉价地下室。因此，现阶段寻求买入的投资者必须采取买入并持有的投资策略。</li></ul><p class=\"t-img-caption\"><span>Geber86/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Snap (SNAP) reported yet another impressive result and Q3 2021 guidance. And as we dig into its results, there are no obvious blemishes in the report. Snap continues growing its top line revenues at very strong rates, while its bottom line EBITDA growth is even more impressive.</p><p><blockquote>SNAP（SNAP）报告了另一项令人印象深刻的业绩和2021年第三季度指引。当我们深入研究其结果时，报告中没有明显的瑕疵。Snap的营收继续以非常强劲的速度增长，而其利润EBITDA增长则更加令人印象深刻。</blockquote></p><p> At 29x forward sales, the stock is not cheap. And investors considering this investment opportunity will have to adopt a very&nbsp;<i>strong-willed buy-and-hold investment strategy</i>. Because at this valuation, the stock is already pricing in a lot of future growth.</p><p><blockquote>以29倍的远期销售额计算，该股并不便宜。而考虑这一投资机会的投资者将不得不采取非常<i>意志坚定的买入并持有投资策略</i>.因为按照这个估值，该股已经消化了未来的大量增长。</blockquote></p><p> <b>Revenue Growth Rates Are Incredibly Strong</b></p><p><blockquote><b>收入增长率非常强劲</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72843b7d7a6cc562b484e25eac7cacbe\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: author's calculations; **high-end guidance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者计算；**高端指导</span></p></blockquote></p><p> Q2 2021 was always going to look strong given just how weak the advertising industry found itself in the same period a year ago. Thus, Snap shareholders were clearly expecting a lot. But to see Snap come out with more than triple digits y/y revenue growth rates? That was particularly stunning.</p><p><blockquote>考虑到一年前同期广告业的疲软程度，2021年第二季度看起来总是很强劲。因此，Snap股东显然期望很高。但看到Snap的收入同比增长率超过三位数？这尤其令人震惊。</blockquote></p><p> Previously, I had noted that investors should look beyond&nbsp;Snap's maturing MAUs in North America, and look towards its International opportunity as its next wave of growth opportunities.</p><p><blockquote>此前，我曾指出，投资者应该超越Snap在北美成熟的月活跃用户数，将其国际机遇视为下一波增长机会。</blockquote></p><p> However, even though its overseas revenues were strong, the real driver of Snap's returns come from the pricing power of its North America users:</p><p><blockquote>然而，尽管海外收入强劲，但Snap回报的真正驱动力来自北美用户的定价能力：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95aca2444a479c7dc060c03d6bf0cec3\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In the table above, I've stripped out all the other details for us to focus our discussions around Snap's Average Revenue Per User (\"ARPU\"). As you can see, pricing in North America was the real driver of revenues, with ARPU up 116% y/y. Why is this important?</p><p><blockquote>在上表中，我已经剔除了所有其他细节，以便我们将讨论的重点放在Snap的每用户平均收入（“ARPU”）上。正如您所看到的，北美的定价是收入的真正驱动力，ARPU同比增长116%。为什么这很重要？</blockquote></p><p> It's important because it shows that, even on the back of just 6% y/y growth in DAUs in North America, advertisers are eager to reach out and connect with Snap's young demographic and pay up for that opportunity.</p><p><blockquote>这很重要，因为它表明，即使北美DAU同比仅增长6%，广告商也渴望接触和联系Snap的年轻人群，并为这个机会付费。</blockquote></p><p> <b>Could Spectacles be the Next Wave of Growth for Snap?</b></p><p><blockquote><b>眼镜会成为Snap的下一波增长吗？</b></blockquote></p><p> For some time, Snap has been making investors aware that it's moving beyond just a social media platform and that it's now looking to take its Augmented Reality technology and deploy it into hardware.</p><p><blockquote>一段时间以来，Snap一直在让投资者意识到，它正在超越社交媒体平台，现在正在寻求将其增强现实技术部署到硬件中。</blockquote></p><p> At first, this was met with investor skepticism. After all, Snap was taking an asset-light and lucrative business and pivoting towards a hardware revenue business, with lower margins.</p><p><blockquote>起初，这遭到了投资者的质疑。毕竟，Snap正在采取轻资产且利润丰厚的业务，并转向利润率较低的硬件收入业务。</blockquote></p><p> Indeed, it didn't make much sense why Snap would make such a move. Particularly given that Snap had, without any hardware investment, grown very successfully and built the necessary technology to spring off other manufacturers' capital investment into a business with nearly $4.5 billion in run-rate revenues as of Q4 2021.</p><p><blockquote>事实上，Snap为什么会做出这样的举动并没有多大意义。特别是考虑到Snap在没有任何硬件投资的情况下发展非常成功，并建立了必要的技术，将其他制造商的资本投资转化为截至2021年第四季度运行收入近45亿美元的业务。</blockquote></p><p> Having said that, Snap asserts that by further developing its&nbsp;Spectacles business unit, users can not only create more immersive content, but they will have access to other uses as well.</p><p><blockquote>话虽如此，Snap声称，通过进一步发展其眼镜业务部门，用户不仅可以创建更身临其境的内容，还可以访问其他用途。</blockquote></p><p> For instance, by using Spectacles, users can use AR try-on technology to emulate a physical shopping experience and get clothing with the right fit and the right size, to reduce the need for online returns.</p><p><blockquote>例如，通过使用眼镜，用户可以使用AR试穿技术来模拟实体购物体验，并获得合适尺寸的衣服，以减少在线退货的需求。</blockquote></p><p> The underlying idea is to increase user engagement and build an increased digital inventory of the users' life journeys. Other uses could be to increase the personalization of an online shopping experience.</p><p><blockquote>潜在的想法是增加用户参与度，并建立用户生活旅程的数字清单。其他用途可以是增加在线购物体验的个性化。</blockquote></p><p> This is something that is likely to resonate strongly with Snap's young demographic and offers Snap an opportunity to differentiate itself against other players in this space.</p><p><blockquote>这可能会引起Snap年轻人的强烈共鸣，并为Snap提供了在该领域与其他参与者区分开来的机会。</blockquote></p><p> While Snap is quick to note that this is not yet a fully-fledged solution, it's nevertheless a way to improve shoppers' online experience by making visualization personal and as close to real as possible.</p><p><blockquote>虽然Snap很快指出，这还不是一个成熟的解决方案，但它仍然是一种通过使可视化个性化并尽可能接近真实来改善购物者在线体验的方式。</blockquote></p><p> <i>Hence, the question investors have to answer is whether this is all already priced in or if there's still more upside potential?</i></p><p><blockquote><i>因此，投资者必须回答的问题是，这一切是否已经被定价，或者是否还有更多的上涨潜力？</i></blockquote></p><p> <b>SNAP Stock Valuation: Not Cheap</b></p><p><blockquote><b>SNAP股票估值：不便宜</b></blockquote></p><p></p><p> Snap is valued at approximately 29x forward sales. If we compare with Pinterest (PINS), which trades at approximately 19x forward sales, this reminds readers that a lot of excitement, optimism, expectation, and positive sentiment is evidently priced into Snap.</p><p><blockquote>Snap的估值约为远期销售额的29倍。如果我们与Pinterest(PINS)（其远期销售额约为19倍）进行比较，这提醒读者，Snap显然包含了很多兴奋、乐观、期望和积极情绪。</blockquote></p><p> On the other hand, shareholders may be quick to remark that even if Snap is richly valued, high quality and rapidly growing businesses rarely trade in the bargain basement -- particularly towards the end of a very long bull market.</p><p><blockquote>另一方面，股东可能很快就会注意到，即使Snap估值很高，高质量和快速增长的企业也很少以低价交易——尤其是在漫长的牛市即将结束时。</blockquote></p><p> Moreover, keep in mind that Snap is now signaling to investors that its multi-year investments are now paying fruit and this now marks the third quarter of adjusted EBITDA profitability over its trailing twelve months.</p><p><blockquote>此外，请记住，Snap现在向投资者发出信号，表明其多年投资正在取得成果，这标志着其过去12个月调整后EBITDA盈利能力的第三季度。</blockquote></p><p> Hence, if Snap's Q2 2021's 116% top line appears strong and caught many headlines, then Snap's adjusted EBITDA growth of more than 200% looks even better.</p><p><blockquote>因此，如果SNAP 2021年第二季度116%的营收显得强劲并成为许多头条新闻，那么Snap调整后EBITDA增长超过200%看起来就更好了。</blockquote></p><p> What's more, as we look out to its guidance next quarter, its bottom line EBITDA is expected to once again posttriple digits EBITDA growth y/y.</p><p><blockquote>更重要的是，当我们展望下一季度的指引时，其净利润EBITDA预计将再次实现三位数的EBITDA同比增长。</blockquote></p><p> <b>Premortem (Investment Risks)</b></p><p><blockquote><b>事前（投资风险）</b></blockquote></p><p> Arguably, the single bearish consideration is that Snap's valuation doesn't offer investors much room for error. Not only does it trade more expensively than other social platforms, but it's also clearly a richly valued stock.</p><p><blockquote>可以说，唯一看跌的考虑因素是Snap的估值没有给投资者提供太多犯错的空间。它不仅比其他社交平台的交易成本更高，而且显然也是一只估值很高的股票。</blockquote></p><p> To this end, we see that investors pricing a lot of optimism that Snap will continue to positively surprise investors. Consequently, any mishaps during any quarter, when a stock is so richly priced, leaves the stock primed for a meaningful sell-off.</p><p><blockquote>为此，我们看到投资者对Snap将继续给投资者带来积极惊喜的乐观情绪进行了定价。因此，当股票定价如此昂贵时，任何季度发生的任何事故都会使该股票面临大幅抛售。</blockquote></p><p> Next, the bulk of investor thesis is to a large extent contingent on Snap's DAUs continuing to steadily increase. What's more, Q2 2021 marked just a mid-single-digit increase in DAUs in North America.</p><p><blockquote>接下来，投资者的大部分论点在很大程度上取决于SNAP DAU的持续稳定增长。此外，2021年第二季度北美的DAU仅实现了中个位数的增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cab82b3b3570378165d43957bf0e925c\" tg-width=\"640\" tg-height=\"65\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> If we look back to H1 2019 (pre-COVID), Snap's DAU growth was approximately compared with the same period in the prior year. This is an undeniable reminder that Snap's DAU growth had previously flattened and that it's entirely possible that it may flatten down once again. If that were to happen, investors would not regard Snap as a high growth name, and the number of investors that would be willing to pay for the stock would decrease.</p><p><blockquote>如果我们回顾2019年上半年（COVID之前），Snap的DAU增长与上年同期大致相当。这不可否认地提醒我们，Snap的DAU增长此前已经趋于平缓，而且完全有可能再次趋于平缓。如果发生这种情况，投资者就不会将Snap视为一个高增长的名字，愿意购买该股票的投资者数量也会减少。</blockquote></p><p> <b>The Bottom Line: Is SNAP A Good Buy?</b></p><p><blockquote><b>底线：SNAP值得购买吗？</b></blockquote></p><p> Even though Snap is not a cheap stock, Snap continues to demonstrate that its revenue growth rates remain incredibly strong.</p><p><blockquote>尽管Snap并不是一只便宜的股票，但Snap继续证明其收入增长率仍然非常强劲。</blockquote></p><p> While there's a lot to like in Snap's investment, I will sit out this opportunity as I prefer to invest in companies where the outlook is not as rosy, but the valuation is dramatically cheaper.</p><p><blockquote>虽然Snap的投资有很多值得喜欢的地方，但我会坐视这个机会，因为我更喜欢投资前景不那么乐观但估值却便宜得多的公司。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Snap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSnap Stock: One Of Fastest Growing Social Media Companies<blockquote>Snap股票：增长最快的社交媒体公司之一</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-27 19:28</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Snap had a high bar to cross to impress investors. And not only did its Q2 results succeed but, looking out to its Q3 guidance, its prospects remain very attractive.</li>  <li>Snap's ARPU in North America was the highlight of its Q2 results.</li>  <li>Snap is not in the bargain basement. Hence, investors looking to buy at this stage will have to take a buy-and-hold investment strategy.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ce123df394d362ecf57640f1621162e3\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>Geber86/E+ via Getty Images</span></p><p><blockquote><ul><li>Snap需要跨越很高的门槛才能给投资者留下深刻印象。不仅第二季度业绩取得成功，而且从第三季度指引来看，其前景仍然非常有吸引力。</li><li>Snap在北美的ARPU是其第二季度业绩的亮点。</li><li>Snap不在廉价地下室。因此，现阶段寻求买入的投资者必须采取买入并持有的投资策略。</li></ul><p class=\"t-img-caption\"><span>Geber86/E+来自盖蒂图片社</span></p></blockquote></p><p> <b>Investment Thesis</b></p><p><blockquote><b>投资论文</b></blockquote></p><p> Snap (SNAP) reported yet another impressive result and Q3 2021 guidance. And as we dig into its results, there are no obvious blemishes in the report. Snap continues growing its top line revenues at very strong rates, while its bottom line EBITDA growth is even more impressive.</p><p><blockquote>SNAP（SNAP）报告了另一项令人印象深刻的业绩和2021年第三季度指引。当我们深入研究其结果时，报告中没有明显的瑕疵。Snap的营收继续以非常强劲的速度增长，而其利润EBITDA增长则更加令人印象深刻。</blockquote></p><p> At 29x forward sales, the stock is not cheap. And investors considering this investment opportunity will have to adopt a very&nbsp;<i>strong-willed buy-and-hold investment strategy</i>. Because at this valuation, the stock is already pricing in a lot of future growth.</p><p><blockquote>以29倍的远期销售额计算，该股并不便宜。而考虑这一投资机会的投资者将不得不采取非常<i>意志坚定的买入并持有投资策略</i>.因为按照这个估值，该股已经消化了未来的大量增长。</blockquote></p><p> <b>Revenue Growth Rates Are Incredibly Strong</b></p><p><blockquote><b>收入增长率非常强劲</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/72843b7d7a6cc562b484e25eac7cacbe\" tg-width=\"640\" tg-height=\"285\" referrerpolicy=\"no-referrer\"><span>Source: author's calculations; **high-end guidance</span></p><p><blockquote><p class=\"t-img-caption\"><span>资料来源：作者计算；**高端指导</span></p></blockquote></p><p> Q2 2021 was always going to look strong given just how weak the advertising industry found itself in the same period a year ago. Thus, Snap shareholders were clearly expecting a lot. But to see Snap come out with more than triple digits y/y revenue growth rates? That was particularly stunning.</p><p><blockquote>考虑到一年前同期广告业的疲软程度，2021年第二季度看起来总是很强劲。因此，Snap股东显然期望很高。但看到Snap的收入同比增长率超过三位数？这尤其令人震惊。</blockquote></p><p> Previously, I had noted that investors should look beyond&nbsp;Snap's maturing MAUs in North America, and look towards its International opportunity as its next wave of growth opportunities.</p><p><blockquote>此前，我曾指出，投资者应该超越Snap在北美成熟的月活跃用户数，将其国际机遇视为下一波增长机会。</blockquote></p><p> However, even though its overseas revenues were strong, the real driver of Snap's returns come from the pricing power of its North America users:</p><p><blockquote>然而，尽管海外收入强劲，但Snap回报的真正驱动力来自北美用户的定价能力：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/95aca2444a479c7dc060c03d6bf0cec3\" tg-width=\"640\" tg-height=\"126\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> In the table above, I've stripped out all the other details for us to focus our discussions around Snap's Average Revenue Per User (\"ARPU\"). As you can see, pricing in North America was the real driver of revenues, with ARPU up 116% y/y. Why is this important?</p><p><blockquote>在上表中，我已经剔除了所有其他细节，以便我们将讨论的重点放在Snap的每用户平均收入（“ARPU”）上。正如您所看到的，北美的定价是收入的真正驱动力，ARPU同比增长116%。为什么这很重要？</blockquote></p><p> It's important because it shows that, even on the back of just 6% y/y growth in DAUs in North America, advertisers are eager to reach out and connect with Snap's young demographic and pay up for that opportunity.</p><p><blockquote>这很重要，因为它表明，即使北美DAU同比仅增长6%，广告商也渴望接触和联系Snap的年轻人群，并为这个机会付费。</blockquote></p><p> <b>Could Spectacles be the Next Wave of Growth for Snap?</b></p><p><blockquote><b>眼镜会成为Snap的下一波增长吗？</b></blockquote></p><p> For some time, Snap has been making investors aware that it's moving beyond just a social media platform and that it's now looking to take its Augmented Reality technology and deploy it into hardware.</p><p><blockquote>一段时间以来，Snap一直在让投资者意识到，它正在超越社交媒体平台，现在正在寻求将其增强现实技术部署到硬件中。</blockquote></p><p> At first, this was met with investor skepticism. After all, Snap was taking an asset-light and lucrative business and pivoting towards a hardware revenue business, with lower margins.</p><p><blockquote>起初，这遭到了投资者的质疑。毕竟，Snap正在采取轻资产且利润丰厚的业务，并转向利润率较低的硬件收入业务。</blockquote></p><p> Indeed, it didn't make much sense why Snap would make such a move. Particularly given that Snap had, without any hardware investment, grown very successfully and built the necessary technology to spring off other manufacturers' capital investment into a business with nearly $4.5 billion in run-rate revenues as of Q4 2021.</p><p><blockquote>事实上，Snap为什么会做出这样的举动并没有多大意义。特别是考虑到Snap在没有任何硬件投资的情况下发展非常成功，并建立了必要的技术，将其他制造商的资本投资转化为截至2021年第四季度运行收入近45亿美元的业务。</blockquote></p><p> Having said that, Snap asserts that by further developing its&nbsp;Spectacles business unit, users can not only create more immersive content, but they will have access to other uses as well.</p><p><blockquote>话虽如此，Snap声称，通过进一步发展其眼镜业务部门，用户不仅可以创建更身临其境的内容，还可以访问其他用途。</blockquote></p><p> For instance, by using Spectacles, users can use AR try-on technology to emulate a physical shopping experience and get clothing with the right fit and the right size, to reduce the need for online returns.</p><p><blockquote>例如，通过使用眼镜，用户可以使用AR试穿技术来模拟实体购物体验，并获得合适尺寸的衣服，以减少在线退货的需求。</blockquote></p><p> The underlying idea is to increase user engagement and build an increased digital inventory of the users' life journeys. Other uses could be to increase the personalization of an online shopping experience.</p><p><blockquote>潜在的想法是增加用户参与度，并建立用户生活旅程的数字清单。其他用途可以是增加在线购物体验的个性化。</blockquote></p><p> This is something that is likely to resonate strongly with Snap's young demographic and offers Snap an opportunity to differentiate itself against other players in this space.</p><p><blockquote>这可能会引起Snap年轻人的强烈共鸣，并为Snap提供了在该领域与其他参与者区分开来的机会。</blockquote></p><p> While Snap is quick to note that this is not yet a fully-fledged solution, it's nevertheless a way to improve shoppers' online experience by making visualization personal and as close to real as possible.</p><p><blockquote>虽然Snap很快指出，这还不是一个成熟的解决方案，但它仍然是一种通过使可视化个性化并尽可能接近真实来改善购物者在线体验的方式。</blockquote></p><p> <i>Hence, the question investors have to answer is whether this is all already priced in or if there's still more upside potential?</i></p><p><blockquote><i>因此，投资者必须回答的问题是，这一切是否已经被定价，或者是否还有更多的上涨潜力？</i></blockquote></p><p> <b>SNAP Stock Valuation: Not Cheap</b></p><p><blockquote><b>SNAP股票估值：不便宜</b></blockquote></p><p></p><p> Snap is valued at approximately 29x forward sales. If we compare with Pinterest (PINS), which trades at approximately 19x forward sales, this reminds readers that a lot of excitement, optimism, expectation, and positive sentiment is evidently priced into Snap.</p><p><blockquote>Snap的估值约为远期销售额的29倍。如果我们与Pinterest(PINS)（其远期销售额约为19倍）进行比较，这提醒读者，Snap显然包含了很多兴奋、乐观、期望和积极情绪。</blockquote></p><p> On the other hand, shareholders may be quick to remark that even if Snap is richly valued, high quality and rapidly growing businesses rarely trade in the bargain basement -- particularly towards the end of a very long bull market.</p><p><blockquote>另一方面，股东可能很快就会注意到，即使Snap估值很高，高质量和快速增长的企业也很少以低价交易——尤其是在漫长的牛市即将结束时。</blockquote></p><p> Moreover, keep in mind that Snap is now signaling to investors that its multi-year investments are now paying fruit and this now marks the third quarter of adjusted EBITDA profitability over its trailing twelve months.</p><p><blockquote>此外，请记住，Snap现在向投资者发出信号，表明其多年投资正在取得成果，这标志着其过去12个月调整后EBITDA盈利能力的第三季度。</blockquote></p><p> Hence, if Snap's Q2 2021's 116% top line appears strong and caught many headlines, then Snap's adjusted EBITDA growth of more than 200% looks even better.</p><p><blockquote>因此，如果SNAP 2021年第二季度116%的营收显得强劲并成为许多头条新闻，那么Snap调整后EBITDA增长超过200%看起来就更好了。</blockquote></p><p> What's more, as we look out to its guidance next quarter, its bottom line EBITDA is expected to once again posttriple digits EBITDA growth y/y.</p><p><blockquote>更重要的是，当我们展望下一季度的指引时，其净利润EBITDA预计将再次实现三位数的EBITDA同比增长。</blockquote></p><p> <b>Premortem (Investment Risks)</b></p><p><blockquote><b>事前（投资风险）</b></blockquote></p><p> Arguably, the single bearish consideration is that Snap's valuation doesn't offer investors much room for error. Not only does it trade more expensively than other social platforms, but it's also clearly a richly valued stock.</p><p><blockquote>可以说，唯一看跌的考虑因素是Snap的估值没有给投资者提供太多犯错的空间。它不仅比其他社交平台的交易成本更高，而且显然也是一只估值很高的股票。</blockquote></p><p> To this end, we see that investors pricing a lot of optimism that Snap will continue to positively surprise investors. Consequently, any mishaps during any quarter, when a stock is so richly priced, leaves the stock primed for a meaningful sell-off.</p><p><blockquote>为此，我们看到投资者对Snap将继续给投资者带来积极惊喜的乐观情绪进行了定价。因此，当股票定价如此昂贵时，任何季度发生的任何事故都会使该股票面临大幅抛售。</blockquote></p><p> Next, the bulk of investor thesis is to a large extent contingent on Snap's DAUs continuing to steadily increase. What's more, Q2 2021 marked just a mid-single-digit increase in DAUs in North America.</p><p><blockquote>接下来，投资者的大部分论点在很大程度上取决于SNAP DAU的持续稳定增长。此外，2021年第二季度北美的DAU仅实现了中个位数的增长。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/cab82b3b3570378165d43957bf0e925c\" tg-width=\"640\" tg-height=\"65\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> If we look back to H1 2019 (pre-COVID), Snap's DAU growth was approximately compared with the same period in the prior year. This is an undeniable reminder that Snap's DAU growth had previously flattened and that it's entirely possible that it may flatten down once again. If that were to happen, investors would not regard Snap as a high growth name, and the number of investors that would be willing to pay for the stock would decrease.</p><p><blockquote>如果我们回顾2019年上半年（COVID之前），Snap的DAU增长与上年同期大致相当。这不可否认地提醒我们，Snap的DAU增长此前已经趋于平缓，而且完全有可能再次趋于平缓。如果发生这种情况，投资者就不会将Snap视为一个高增长的名字，愿意购买该股票的投资者数量也会减少。</blockquote></p><p> <b>The Bottom Line: Is SNAP A Good Buy?</b></p><p><blockquote><b>底线：SNAP值得购买吗？</b></blockquote></p><p> Even though Snap is not a cheap stock, Snap continues to demonstrate that its revenue growth rates remain incredibly strong.</p><p><blockquote>尽管Snap并不是一只便宜的股票，但Snap继续证明其收入增长率仍然非常强劲。</blockquote></p><p> While there's a lot to like in Snap's investment, I will sit out this opportunity as I prefer to invest in companies where the outlook is not as rosy, but the valuation is dramatically cheaper.</p><p><blockquote>虽然Snap的投资有很多值得喜欢的地方，但我会坐视这个机会，因为我更喜欢投资前景不那么乐观但估值却便宜得多的公司。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441412-snap-one-of-fastest-growing-social-media-companies\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SNAP":"Snap Inc"},"source_url":"https://seekingalpha.com/article/4441412-snap-one-of-fastest-growing-social-media-companies","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118738178","content_text":"Summary\n\nSnap had a high bar to cross to impress investors. And not only did its Q2 results succeed but, looking out to its Q3 guidance, its prospects remain very attractive.\nSnap's ARPU in North America was the highlight of its Q2 results.\nSnap is not in the bargain basement. Hence, investors looking to buy at this stage will have to take a buy-and-hold investment strategy.\n\nGeber86/E+ via Getty Images\nInvestment Thesis\nSnap (SNAP) reported yet another impressive result and Q3 2021 guidance. And as we dig into its results, there are no obvious blemishes in the report. Snap continues growing its top line revenues at very strong rates, while its bottom line EBITDA growth is even more impressive.\nAt 29x forward sales, the stock is not cheap. And investors considering this investment opportunity will have to adopt a very strong-willed buy-and-hold investment strategy. Because at this valuation, the stock is already pricing in a lot of future growth.\nRevenue Growth Rates Are Incredibly Strong\nSource: author's calculations; **high-end guidance\nQ2 2021 was always going to look strong given just how weak the advertising industry found itself in the same period a year ago. Thus, Snap shareholders were clearly expecting a lot. But to see Snap come out with more than triple digits y/y revenue growth rates? That was particularly stunning.\nPreviously, I had noted that investors should look beyond Snap's maturing MAUs in North America, and look towards its International opportunity as its next wave of growth opportunities.\nHowever, even though its overseas revenues were strong, the real driver of Snap's returns come from the pricing power of its North America users:\n\nIn the table above, I've stripped out all the other details for us to focus our discussions around Snap's Average Revenue Per User (\"ARPU\"). As you can see, pricing in North America was the real driver of revenues, with ARPU up 116% y/y. Why is this important?\nIt's important because it shows that, even on the back of just 6% y/y growth in DAUs in North America, advertisers are eager to reach out and connect with Snap's young demographic and pay up for that opportunity.\nCould Spectacles be the Next Wave of Growth for Snap?\nFor some time, Snap has been making investors aware that it's moving beyond just a social media platform and that it's now looking to take its Augmented Reality technology and deploy it into hardware.\nAt first, this was met with investor skepticism. After all, Snap was taking an asset-light and lucrative business and pivoting towards a hardware revenue business, with lower margins.\nIndeed, it didn't make much sense why Snap would make such a move. Particularly given that Snap had, without any hardware investment, grown very successfully and built the necessary technology to spring off other manufacturers' capital investment into a business with nearly $4.5 billion in run-rate revenues as of Q4 2021.\nHaving said that, Snap asserts that by further developing its Spectacles business unit, users can not only create more immersive content, but they will have access to other uses as well.\nFor instance, by using Spectacles, users can use AR try-on technology to emulate a physical shopping experience and get clothing with the right fit and the right size, to reduce the need for online returns.\nThe underlying idea is to increase user engagement and build an increased digital inventory of the users' life journeys. Other uses could be to increase the personalization of an online shopping experience.\nThis is something that is likely to resonate strongly with Snap's young demographic and offers Snap an opportunity to differentiate itself against other players in this space.\nWhile Snap is quick to note that this is not yet a fully-fledged solution, it's nevertheless a way to improve shoppers' online experience by making visualization personal and as close to real as possible.\nHence, the question investors have to answer is whether this is all already priced in or if there's still more upside potential?\nSNAP Stock Valuation: Not Cheap\nSnap is valued at approximately 29x forward sales. If we compare with Pinterest (PINS), which trades at approximately 19x forward sales, this reminds readers that a lot of excitement, optimism, expectation, and positive sentiment is evidently priced into Snap.\nOn the other hand, shareholders may be quick to remark that even if Snap is richly valued, high quality and rapidly growing businesses rarely trade in the bargain basement -- particularly towards the end of a very long bull market.\nMoreover, keep in mind that Snap is now signaling to investors that its multi-year investments are now paying fruit and this now marks the third quarter of adjusted EBITDA profitability over its trailing twelve months.\nHence, if Snap's Q2 2021's 116% top line appears strong and caught many headlines, then Snap's adjusted EBITDA growth of more than 200% looks even better.\nWhat's more, as we look out to its guidance next quarter, its bottom line EBITDA is expected to once again posttriple digits EBITDA growth y/y.\nPremortem (Investment Risks)\nArguably, the single bearish consideration is that Snap's valuation doesn't offer investors much room for error. Not only does it trade more expensively than other social platforms, but it's also clearly a richly valued stock.\nTo this end, we see that investors pricing a lot of optimism that Snap will continue to positively surprise investors. Consequently, any mishaps during any quarter, when a stock is so richly priced, leaves the stock primed for a meaningful sell-off.\nNext, the bulk of investor thesis is to a large extent contingent on Snap's DAUs continuing to steadily increase. What's more, Q2 2021 marked just a mid-single-digit increase in DAUs in North America.\n\nIf we look back to H1 2019 (pre-COVID), Snap's DAU growth was approximately compared with the same period in the prior year. This is an undeniable reminder that Snap's DAU growth had previously flattened and that it's entirely possible that it may flatten down once again. If that were to happen, investors would not regard Snap as a high growth name, and the number of investors that would be willing to pay for the stock would decrease.\nThe Bottom Line: Is SNAP A Good Buy?\nEven though Snap is not a cheap stock, Snap continues to demonstrate that its revenue growth rates remain incredibly strong.\nWhile there's a lot to like in Snap's investment, I will sit out this opportunity as I prefer to invest in companies where the outlook is not as rosy, but the valuation is dramatically cheaper.","news_type":1,"symbols_score_info":{"SNAP":0.9}},"isVote":1,"tweetType":1,"viewCount":948,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":809435186,"gmtCreate":1627386113245,"gmtModify":1633765522126,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Moral actions will cause upheaval only in the short term.&nbsp;","listText":"Moral actions will cause upheaval only in the short term.&nbsp;","text":"Moral actions will cause upheaval only in the short term.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/809435186","repostId":"2154813991","repostType":4,"isVote":1,"tweetType":1,"viewCount":536,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800614388,"gmtCreate":1627297477644,"gmtModify":1633766415858,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Whose selling","listText":"Whose selling","text":"Whose selling","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800614388","repostId":"1123832536","repostType":4,"isVote":1,"tweetType":1,"viewCount":675,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800611028,"gmtCreate":1627297137464,"gmtModify":1633766418449,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Greed foot in the door","listText":"Greed foot in the door","text":"Greed foot in the door","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800611028","repostId":"1175108896","repostType":4,"repost":{"id":"1175108896","kind":"news","pubTimestamp":1627290545,"share":"https://www.laohu8.com/m/news/1175108896?lang=zh_CN&edition=full","pubTime":"2021-07-26 17:09","market":"us","language":"en","title":"Tesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1175108896","media":"seekingalpha","summary":"Summary\n\nTesla is indicating a movement toward an Adobe-like subscription business model, which has ","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla is indicating a movement toward an Adobe-like subscription business model, which has been shown to skyrocket revenue.</li>  <li>In this way, Tesla is again a first-mover and will set the standards for the industry in the coming decades.</li>  <li>Technically, the recent movement is a rather normal pattern and tends to lead to more gains.</li>  <li>I recommend TSLA longs add a credit strategy to their position before earnings, both for protection and extra income.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b0473d75b9ec97c9c4ae413f111f4f\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>jetcityimage/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>特斯拉表示正在转向类似Adobe的订阅商业模式，事实证明这种模式可以大幅提高收入。</li><li>通过这种方式，特斯拉再次成为先行者，并将在未来几十年为该行业设定标准。</li><li>从技术上讲，最近的走势是一种相当正常的模式，往往会带来更多收益。</li><li>我建议特斯拉多头在盈利前在其头寸中添加信贷策略，以获得保护和额外收入。</li></ul><p class=\"t-img-caption\"><span>jetcityimage/iStock社论来自Getty Images</span></p></blockquote></p><p> I last wrote about Tesla(TSLA) in 2019, when I recommended a buy on the pullback. Said pullback was a pullback to $47, a number TSLA will likely never hit again. These days, TSLA flirts with numbers over $1,000, and with good reason.</p><p><blockquote>我上次写关于特斯拉(TSLA)的文章是在2019年，当时我建议在回调时买入。表示回调是回调至47美元，特斯拉可能永远不会再触及这个数字。如今，TSLA的股价超过了1,000美元，而且理由很充分。</blockquote></p><p> And today, TSLA has yet another reason to justify its lofty price. The company has unveiled a&nbsp;full self driving(FSD) subscription. This is a step in the right direction.</p><p><blockquote>如今，特斯拉还有另一个理由来证明其高昂的价格是合理的。该公司推出了全自动驾驶（FSD）订阅。这是朝着正确方向迈出的一步。</blockquote></p><p> <b>Subscriptions: The Ultimate Profit Model</b></p><p><blockquote><b>订阅：终极盈利模式</b></blockquote></p><p> Software – and more broadly, tech – has been moving to subscription-based business models, which have proved themselves to be vastly superior to the old way of doing business (selling a product outright) in terms of profitability. Whereas once we paid a one-time fee for a product such as Adobe (ADBE) Photoshop, now we are almost certainly paying much more than that one-time payment over the product’s lifetime. It was only a matter of time for the slower-than-tech automotive industry to understand that subscription business models can siphon much more money from the customer than the traditional model, and I’m not surprised that Tesla, often regarded more as a tech company than an automobile company, is to be the first company employing this strategy.</p><p><blockquote>软件——以及更广泛的技术——已经转向基于订阅的商业模式，事实证明，就盈利能力而言，这种模式远远优于旧的经营方式（直接销售产品）。曾经我们为Adobe(ADBE)Photoshop等产品支付一次性费用，现在几乎可以肯定，我们在产品的整个生命周期内支付的费用远远超过一次性费用。对于技术落后的汽车行业来说，理解订阅商业模式比传统模式可以从客户那里吸走更多的钱只是时间问题，对于通常被视为更多的特斯拉来说，我并不感到惊讶一家科技公司而不是汽车公司，将成为第一家采用这一策略的公司。</blockquote></p><p> I believe Pierre Ferragu understands this. From SA’s above-linked news on the FSD subscription:</p><p><blockquote>我相信皮埃尔·费拉古明白这一点。来自SA上面链接的有关FSD订阅的新闻：</blockquote></p><p>   One of the biggest bulls on the FSD upside for Tesla is New Street Research analyst Pierre Ferragu. He thinks Tesla will make roughly $7K in profit from selling a car and almost $23K from selling FSD subscriptions on the same vehicle by 2030. If Ferragu is correct, the entire industry is expected to move toward an autonomous subscription service model.”  Ferragu’s predictions match my thoughts on the subscription-based business model. Tesla’s revenue and subscription paradigm could easily become Adobe-like, where the vast majority of the company’s revenue stems from subscriptions. (Seemy recent article on Adobefor more on how this business model works.) The potential of this business model’s impact on revenue is easily seen via Adobe’s results (though many other companies are seeing the same sort of results):</p><p><blockquote>New Street Research分析师Pierre Ferragu是特斯拉FSD上涨的最大多头之一。他认为，到2030年，特斯拉将从销售一辆汽车中获得约7,000美元的利润，从销售同一辆车的FSD订阅中获得近23,000美元的利润。如果Ferragu是正确的，那么整个行业有望转向自主订阅服务模式。”Ferragu的预测符合我对基于订阅的商业模式的想法。特斯拉的收入和订阅模式很容易变得像Adobe一样，该公司的绝大多数收入都来自订阅。（有关这种商业模式如何运作的更多信息，请参阅我最近关于Adobe的文章。）通过Adobe的结果可以轻松看出这种商业模式对收入的潜在影响（尽管许多其他公司也看到了同样的结果）：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7890fd8becf42b56654cfdcdadfd97de\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Of course, the stock sees results too:</p><p><blockquote>当然，该股也看到了结果：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32e86fdc239f4d4e1f3dea8a10634bf4\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Importantly, Ferragu notes that the whole industry will move toward the subscription business model, a sentiment I agree with. Some might argue that the automotive industry is not the software industry and that it is better to provide a quality product at a fair price when it comes to automobiles. But history would show this to be incorrect: Look at how General Motors (GM) pushed even Ford (F), a company that built itself on creating long-lasting, quality cars, into the planned obsolescence paradigm (yearly design upgrades for each product line) that the industry has fallen into.</p><p><blockquote>重要的是，费拉古指出，整个行业将转向订阅商业模式，我同意这一观点。有些人可能会说，汽车行业不是软件行业，当涉及到汽车时，最好以合理的价格提供高质量的产品。但历史将证明这是不正确的：看看通用汽车(GM)如何将福特(F)这家以制造经久耐用、优质汽车为基础的公司推入计划淘汰范式（每年为每个产品进行设计升级）该行业已陷入的产品线）。</blockquote></p><p> In the future, Tesla’s bulk revenue should come not from car sales but from subscriptions. This is the new economy for most industries moving forward, and Tesla will be the pioneer of this business model in the automotive industry. We’ve seen how this has played out to the benefit of profitability in software and film (streaming services such as Disney and Netflix), and it should play out similarly for automobiles.</p><p><blockquote>未来，特斯拉的大宗收入应该不是来自汽车销售，而是来自订阅。这是大多数行业向前发展的新经济，特斯拉将成为汽车行业这种商业模式的先驱。我们已经看到这如何有利于软件和电影（迪士尼和Netflix等流媒体服务）的盈利能力，汽车也应该如此。</blockquote></p><p> Consider this: Tesla sold around 500K cars in 2020. With the Berlin, Shanghai, and Texas plants in action this year, Tesla should be producing an extra 300K cars in 2021. At this rate, Tesla will be over the 1M per year mark (likely around 1.5M) before the end of 2022. Assume only half of the produced cars per year end up with a FSD subscription, then, a la Adobe, subscription revenue can be seen quickly approaching equality with the revenue from the traditional model – note that this model is highly conservative as it ignores all cars produced prior to 2020:</p><p><blockquote>考虑一下：特斯拉在2020年售出了约50万辆汽车。随着柏林、上海和德克萨斯工厂今年的投产，特斯拉将在2021年额外生产30万辆汽车。按照这个速度，到2022年底，特斯拉将超过每年100万大关（可能在150万左右）。假设每年生产的汽车中只有一半最终购买了FSD订阅，那么，就像Adobe一样，订阅收入很快就会接近与传统模式的收入相等-请注意，该模式非常保守，因为它忽略了所有2020年之前生产的汽车：</blockquote></p><p> <b>Revenue from FSD Subscriptions Per Year</b></p><p><blockquote><b>每年FSD订阅收入</b></blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/707addf56e3e845f8eb7727ba378c382\" tg-width=\"903\" tg-height=\"353\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> It is difficult to tell when subscription revenue will surpass vehicle sales revenue because of numerous unknowns in the model, such as the percentage of Tesla drivers subscribing to FSD and the success of the 2023 Model 3 in penetrating the “affordable” car market. However, the rate at which subscription revenue grows is geometric-to-exponential, will be a double-digit percentage within the next couple years and is likely to be the majority of Tesla’s revenue stream by the end of the decade.</p><p><blockquote><table><tbody><tr></tr></tbody></table>很难判断订阅收入何时会超过车辆销售收入，因为该模型中存在许多未知数，例如订阅FSD的特斯拉驾驶员的百分比以及2023年Model 3在渗透“平价”汽车市场方面的成功。然而，订阅收入的增长率是几何到指数级的，在未来几年内将达到两位数的百分比，并且到本十年末很可能成为特斯拉收入来源的大部分。</blockquote></p><p> Tesla is taking the right step here, and we could very well see the company overcome hurdles that have plagued the car industry for decades. If so, we could see lower earnings variance in the cases of political policies targeting the automotive industry. For instance, revenue from the FSD subscription could remain unscathed by new tariffs and environmental policies, two sources of regulation that typically target cars themselves, not the software being employed. This is still speculative, but thus far we have no reason to suspect governments will specifically target FSD subscriptions in their carbon-reduction regulations or in tax policies.</p><p><blockquote>特斯拉在这方面迈出了正确的一步，我们很可能会看到该公司克服困扰汽车行业数十年的障碍。如果是这样的话，我们可以看到针对汽车行业的政治政策案例中的收益差异较低。例如，FSD订阅的收入可能不会受到新关税和环境政策的影响，这两个监管来源通常针对汽车本身，而不是所使用的软件。这仍然是猜测，但到目前为止，我们没有理由怀疑政府会在其碳减排法规或税收政策中专门针对FSD订阅。</blockquote></p><p> Once successfully rolled out, the FSD subscription is likely to become a source of reliable income for the company. As subscription revenue grows to where it exceeds sales revenue, investors will increasingly see Tesla as a safe investment. IV on TSLA should drop as subscription revenue outpaces traditional sales revenue, and drops in IV tend to correlate with stock moving upward.</p><p><blockquote>一旦成功推出，FSD订阅很可能成为该公司可靠的收入来源。随着订阅收入增长到超过销售收入，投资者将越来越多地将特斯拉视为一项安全的投资。随着订阅收入超过传统销售收入，TSLA的IV应该会下降，而IV的下降往往与股价上涨相关。</blockquote></p><p> From both a fundamental perspective and a stock perspective, the FSD subscription announcement is highly bullish. I see this as a reason for TSLA bulls to buy on any significant pullback.</p><p><blockquote>无论从基本面还是股票角度来看，FSD认购公告都是高度利多的。我认为这是特斯拉多头在任何重大回调时买入的理由。</blockquote></p><p> Yet we must admit, as with all new business models, investors have inherent risk. While the subscription model is extremely profitable itself, whether Tesla drivers will accept the FSD subscription remains a key factor in successfully employing the model. While I believe – due to its track record – Tesla will eventually work out the technical kinks in its self-driving feature, I can see two big reasons that FSD could flop.</p><p><blockquote>然而，我们必须承认，与所有新的商业模式一样，投资者也有固有的风险。虽然订阅模式本身利润丰厚，但特斯拉司机是否会接受FSD订阅仍然是成功采用该模式的关键因素。虽然我相信——由于其业绩记录——特斯拉最终会解决其自动驾驶功能中的技术问题，但我可以看到FSD可能失败的两大原因。</blockquote></p><p> First, Tesla could fail to bring FSD to level 5, the level promised, perhaps leading to a class-action lawsuit from subscribers. The technical aspects of FSD are beyond my expertise, though my background in AI does tell me that achieving level 5 is a monumental effort. Musk has successfully pulled off monumental efforts in the past, but perhaps those with more AI knowledge than I have good reason to believe that this is the hill upon which Musk will die.</p><p><blockquote>首先，特斯拉可能无法将FSD提升到承诺的5级，这可能会导致订户提起集体诉讼。FSD的技术方面超出了我的专业知识，尽管我的人工智能背景确实告诉我，达到5级是一项巨大的努力。马斯克过去成功地做出了巨大的努力，但也许那些比我拥有更多人工智能知识的人有充分的理由相信，这是马斯克将死在的山上。</blockquote></p><p> Second, the price point might be too high. For $200 per month, you could lease a brand new Honda – or you can enter Tesla’s work-in-progress FSD as a sort of beta tester. As we enter 2023, which should be a big year for Tesla with its $25,000 Model 2s allowing the company access to a new customer demographic, we need to reconsider whether a $200-per-month subscription will be appealing to the general Tesla user base. An overpriced subscription model can be easily fixed in the long run and should thus not be seen as a huge risk to the bull thesis, but too high of a price can prevent that initial market penetration Tesla needs in pioneering the subscription-as-a-model implementation in the automobile industry.</p><p><blockquote>其次，价格可能太高。每月200美元，您可以租赁一辆全新的本田汽车，或者您可以进入特斯拉正在进行的FSD作为beta测试人员。随着我们进入2023年，这对特斯拉来说应该是重要的一年，其25,000美元的Model 2使该公司能够接触到新的客户群，我们需要重新考虑每月200美元的订阅是否会吸引特斯拉的普通用户群。从长远来看，定价过高的订阅模式很容易得到解决，因此不应被视为牛市论点的巨大风险，但过高的价格可能会阻止特斯拉开创订阅即订阅所需的初始市场渗透。汽车行业的模型实施。</blockquote></p><p> <b>Technical Bullishness</b></p><p><blockquote><b>技术看涨</b></blockquote></p><p> From a technical perspective, too, TSLA is looking bullish. While often cited as being incredibly overpriced relative to the past couple years, TSLA is not making movements that are uncharacteristic of the stock. The recent movement pattern actually looks quite a bit like the one in early 2020, right before the huge rally:</p><p><blockquote>从技术角度来看，特斯拉看起来也很看涨。尽管与过去几年相比，特斯拉经常被认为定价过高，但特斯拉并没有做出与该股不同的走势。最近的走势模式实际上看起来很像2020年初，就在大幅反弹之前：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ba282cb205e46e0448e0f01c7d8ee3f\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> Once you control for trading days, the movement looks relatively conservative. It’s about the median movement for a given quarter:</p><p><blockquote>一旦你控制了交易日，走势看起来相对保守。它是关于给定季度的中值变动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1df19786e20b710470c561208d69d7c5\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> If you extrapolate this to 200 trading days, you will find that TSLA tends to move upward another 10% with rather average volatility. The 2020 movement is an outlier in magnitude only; the pattern itself does not differ all that much from TSLA’s usual yearly movements:</p><p><blockquote>如果你将其外推到200个交易日，你会发现TSLA往往会以相当平均的波动性再上涨10%。2020年的运动只是规模上的一个异常值；这种模式本身与特斯拉通常的年度走势没有太大区别：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15a41d91691e32e1243015029fa67fa9\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p></p><p> With TSLA heading into earnings, an impressive earnings report could give us a similar upward movement. Of course, playing TSLA over earnings is quite risky, which is why we do not typically play TSLA over earnings in my earnings-trading group (Exposing Earnings). Thus, I recommend those interested in TSLA buy on the back of the FSD subscription news, as this is a bullish fundamental catalyst.</p><p><blockquote>随着特斯拉即将盈利，一份令人印象深刻的盈利报告可能会给我们带来类似的上涨趋势。当然，玩TSLA而不是收益是相当危险的，这就是为什么我们在我的收益交易组（暴露收益）中通常不会玩TSLA而不是收益。因此，我建议那些对TSLA感兴趣的人在FSD订阅消息的支持下买入，因为这是看涨的基本面催化剂。</blockquote></p><p> <b>Options Strategy</b></p><p><blockquote><b>期权策略</b></blockquote></p><p> If you are playing options, however, you might wish to wait until after earnings so that you are not exposed to a volatility crush (option IV falling rapidly and thus decreasing the values of long options, as long options are also long vega). If you want to take an options strategy to hedge earnings risk, though, here is what I recommend. I’m assuming you’re holding 100 shares of TSLA, making this a hedge with extra profitability on the long side:</p><p><blockquote>然而，如果你在玩期权，你可能希望等到盈利之后，这样你就不会面临波动性挤压（期权IV迅速下跌，从而降低多头期权的价值，因为多头期权也是多头织女星）。不过，如果您想采取期权策略来对冲盈利风险，以下是我的建议。我假设您持有100股TSLA股票，使其成为具有额外多头盈利能力的对冲：</blockquote></p><p> <ol>  <li>Sell 1x Jul 30 $700 put</li>  <li>Buy 2x Jul 30 $650 puts</li> </ol> Net credit: $7000</p><p><blockquote><ol><li>7月30日卖出1x$700看跌期权</li><li>7月30日买入2倍650美元看跌期权</li></ol>净信贷：7000美元</blockquote></p><p> This is a volatile strategy, meaning it allows us to profit on either side. The major risk is if TSLA consolidates, trading strictly between $650 and $700 over the rest of July. Otherwise, we stand to profit on either side, either by the net long puts on the downside or via the stock plus credit earned from the strategy on the long side.</p><p><blockquote>这是一个不稳定的策略，这意味着它允许我们在任何一方获利。主要风险是如果TSLA盘整，在7月剩余时间内交易价格严格在650美元至700美元之间。否则，我们将从任何一方获利，要么通过下行的净多头看跌期权，要么通过股票加上多头策略赚取的信用。</blockquote></p><p> Even if you are confident TSLA will not sell off on earnings, this strategy works to your benefit by bringing in an extra $7000 in profit per 100 shares. You have the added value of downside protection, too. Let me know what you think in the comments section.</p><p><blockquote>即使您确信TSLA不会因盈利而抛售，该策略也会为您带来每100股额外7000美元的利润。你也有下行保护的附加值。请在评论区告诉我你的想法。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Tesla’s addition of an FSD subscription greatly improves the company’s maximum revenue potential. Subscription services have proved themselves to quickly and drastically change the primary source of revenue for a company and could easily turn Tesla into a software company more so than an automotive company. Being so, we need to consider the possibility that Tesla entering the EV market was just the beginning for this company and that the financial future of Tesla is in its FSD service. If so, we are undervaluing this company, as we are using an EV lens to judge a software company.</p><p><blockquote>特斯拉增加FSD订阅极大地提高了公司的最大收入潜力。事实证明，订阅服务可以迅速而彻底地改变公司的主要收入来源，并且可以轻松地将特斯拉转变为一家软件公司，而不是一家汽车公司。既然如此，我们需要考虑这样一种可能性：特斯拉进入电动汽车市场只是这家公司的开始，而特斯拉的财务未来在于其FSD服务。如果是这样，我们就低估了这家公司的价值，就像我们用EV镜头来判断一家软件公司一样。</blockquote></p><p> I am highly bullish on TSLA in the long term due to the FSD prospects. In the short term, I believe the technicals are implying an upward swing. With earnings on Jul 26, you might want to hedge the downside simply due to TSLA’s volatility. But overall, being long on TSLA at this price is likely a profitable decision even with a short-term pullback.</p><p><blockquote>由于FSD的前景，我长期高度看好TSLA。从短期来看，我认为技术面暗示着上行。随着7月26日的财报发布，您可能想要对冲TSLA波动性带来的下行风险。但总体而言，即使出现短期回调，以这个价格做多特斯拉也可能是一个有利可图的决定。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Could Become A Subscription Company<blockquote>特斯拉可能成为一家订阅公司</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-07-26 17:09</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul>  <li>Tesla is indicating a movement toward an Adobe-like subscription business model, which has been shown to skyrocket revenue.</li>  <li>In this way, Tesla is again a first-mover and will set the standards for the industry in the coming decades.</li>  <li>Technically, the recent movement is a rather normal pattern and tends to lead to more gains.</li>  <li>I recommend TSLA longs add a credit strategy to their position before earnings, both for protection and extra income.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d0b0473d75b9ec97c9c4ae413f111f4f\" tg-width=\"1536\" tg-height=\"1024\" referrerpolicy=\"no-referrer\"><span>jetcityimage/iStock Editorial via Getty Images</span></p><p><blockquote><ul><li>特斯拉表示正在转向类似Adobe的订阅商业模式，事实证明这种模式可以大幅提高收入。</li><li>通过这种方式，特斯拉再次成为先行者，并将在未来几十年为该行业设定标准。</li><li>从技术上讲，最近的走势是一种相当正常的模式，往往会带来更多收益。</li><li>我建议特斯拉多头在盈利前在其头寸中添加信贷策略，以获得保护和额外收入。</li></ul><p class=\"t-img-caption\"><span>jetcityimage/iStock社论来自Getty Images</span></p></blockquote></p><p> I last wrote about Tesla(TSLA) in 2019, when I recommended a buy on the pullback. Said pullback was a pullback to $47, a number TSLA will likely never hit again. These days, TSLA flirts with numbers over $1,000, and with good reason.</p><p><blockquote>我上次写关于特斯拉(TSLA)的文章是在2019年，当时我建议在回调时买入。表示回调是回调至47美元，特斯拉可能永远不会再触及这个数字。如今，TSLA的股价超过了1,000美元，而且理由很充分。</blockquote></p><p> And today, TSLA has yet another reason to justify its lofty price. The company has unveiled a&nbsp;full self driving(FSD) subscription. This is a step in the right direction.</p><p><blockquote>如今，特斯拉还有另一个理由来证明其高昂的价格是合理的。该公司推出了全自动驾驶（FSD）订阅。这是朝着正确方向迈出的一步。</blockquote></p><p> <b>Subscriptions: The Ultimate Profit Model</b></p><p><blockquote><b>订阅：终极盈利模式</b></blockquote></p><p> Software – and more broadly, tech – has been moving to subscription-based business models, which have proved themselves to be vastly superior to the old way of doing business (selling a product outright) in terms of profitability. Whereas once we paid a one-time fee for a product such as Adobe (ADBE) Photoshop, now we are almost certainly paying much more than that one-time payment over the product’s lifetime. It was only a matter of time for the slower-than-tech automotive industry to understand that subscription business models can siphon much more money from the customer than the traditional model, and I’m not surprised that Tesla, often regarded more as a tech company than an automobile company, is to be the first company employing this strategy.</p><p><blockquote>软件——以及更广泛的技术——已经转向基于订阅的商业模式，事实证明，就盈利能力而言，这种模式远远优于旧的经营方式（直接销售产品）。曾经我们为Adobe(ADBE)Photoshop等产品支付一次性费用，现在几乎可以肯定，我们在产品的整个生命周期内支付的费用远远超过一次性费用。对于技术落后的汽车行业来说，理解订阅商业模式比传统模式可以从客户那里吸走更多的钱只是时间问题，对于通常被视为更多的特斯拉来说，我并不感到惊讶一家科技公司而不是汽车公司，将成为第一家采用这一策略的公司。</blockquote></p><p> I believe Pierre Ferragu understands this. From SA’s above-linked news on the FSD subscription:</p><p><blockquote>我相信皮埃尔·费拉古明白这一点。来自SA上面链接的有关FSD订阅的新闻：</blockquote></p><p>   One of the biggest bulls on the FSD upside for Tesla is New Street Research analyst Pierre Ferragu. He thinks Tesla will make roughly $7K in profit from selling a car and almost $23K from selling FSD subscriptions on the same vehicle by 2030. If Ferragu is correct, the entire industry is expected to move toward an autonomous subscription service model.”  Ferragu’s predictions match my thoughts on the subscription-based business model. Tesla’s revenue and subscription paradigm could easily become Adobe-like, where the vast majority of the company’s revenue stems from subscriptions. (Seemy recent article on Adobefor more on how this business model works.) The potential of this business model’s impact on revenue is easily seen via Adobe’s results (though many other companies are seeing the same sort of results):</p><p><blockquote>New Street Research分析师Pierre Ferragu是特斯拉FSD上涨的最大多头之一。他认为，到2030年，特斯拉将从销售一辆汽车中获得约7,000美元的利润，从销售同一辆车的FSD订阅中获得近23,000美元的利润。如果Ferragu是正确的，那么整个行业有望转向自主订阅服务模式。”Ferragu的预测符合我对基于订阅的商业模式的想法。特斯拉的收入和订阅模式很容易变得像Adobe一样，该公司的绝大多数收入都来自订阅。（有关这种商业模式如何运作的更多信息，请参阅我最近关于Adobe的文章。）通过Adobe的结果可以轻松看出这种商业模式对收入的潜在影响（尽管许多其他公司也看到了同样的结果）：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/7890fd8becf42b56654cfdcdadfd97de\" tg-width=\"640\" tg-height=\"427\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Of course, the stock sees results too:</p><p><blockquote>当然，该股也看到了结果：</blockquote></p><p> <img src=\"https://static.tigerbbs.com/32e86fdc239f4d4e1f3dea8a10634bf4\" tg-width=\"640\" tg-height=\"360\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"></p><p><blockquote></blockquote></p><p> Importantly, Ferragu notes that the whole industry will move toward the subscription business model, a sentiment I agree with. Some might argue that the automotive industry is not the software industry and that it is better to provide a quality product at a fair price when it comes to automobiles. But history would show this to be incorrect: Look at how General Motors (GM) pushed even Ford (F), a company that built itself on creating long-lasting, quality cars, into the planned obsolescence paradigm (yearly design upgrades for each product line) that the industry has fallen into.</p><p><blockquote>重要的是，费拉古指出，整个行业将转向订阅商业模式，我同意这一观点。有些人可能会说，汽车行业不是软件行业，当涉及到汽车时，最好以合理的价格提供高质量的产品。但历史将证明这是不正确的：看看通用汽车(GM)如何将福特(F)这家以制造经久耐用、优质汽车为基础的公司推入计划淘汰范式（每年为每个产品进行设计升级）该行业已陷入的产品线）。</blockquote></p><p> In the future, Tesla’s bulk revenue should come not from car sales but from subscriptions. This is the new economy for most industries moving forward, and Tesla will be the pioneer of this business model in the automotive industry. We’ve seen how this has played out to the benefit of profitability in software and film (streaming services such as Disney and Netflix), and it should play out similarly for automobiles.</p><p><blockquote>未来，特斯拉的大宗收入应该不是来自汽车销售，而是来自订阅。这是大多数行业向前发展的新经济，特斯拉将成为汽车行业这种商业模式的先驱。我们已经看到这如何有利于软件和电影（迪士尼和Netflix等流媒体服务）的盈利能力，汽车也应该如此。</blockquote></p><p> Consider this: Tesla sold around 500K cars in 2020. With the Berlin, Shanghai, and Texas plants in action this year, Tesla should be producing an extra 300K cars in 2021. At this rate, Tesla will be over the 1M per year mark (likely around 1.5M) before the end of 2022. Assume only half of the produced cars per year end up with a FSD subscription, then, a la Adobe, subscription revenue can be seen quickly approaching equality with the revenue from the traditional model – note that this model is highly conservative as it ignores all cars produced prior to 2020:</p><p><blockquote>考虑一下：特斯拉在2020年售出了约50万辆汽车。随着柏林、上海和德克萨斯工厂今年的投产，特斯拉将在2021年额外生产30万辆汽车。按照这个速度，到2022年底，特斯拉将超过每年100万大关（可能在150万左右）。假设每年生产的汽车中只有一半最终购买了FSD订阅，那么，就像Adobe一样，订阅收入很快就会接近与传统模式的收入相等-请注意，该模式非常保守，因为它忽略了所有2020年之前生产的汽车：</blockquote></p><p> <b>Revenue from FSD Subscriptions Per Year</b></p><p><blockquote><b>每年FSD订阅收入</b></blockquote></p><p></p><p> <img src=\"https://static.tigerbbs.com/707addf56e3e845f8eb7727ba378c382\" tg-width=\"903\" tg-height=\"353\" width=\"100%\" height=\"auto\"> <table>  <tbody>   <tr></tr>  </tbody> </table> It is difficult to tell when subscription revenue will surpass vehicle sales revenue because of numerous unknowns in the model, such as the percentage of Tesla drivers subscribing to FSD and the success of the 2023 Model 3 in penetrating the “affordable” car market. However, the rate at which subscription revenue grows is geometric-to-exponential, will be a double-digit percentage within the next couple years and is likely to be the majority of Tesla’s revenue stream by the end of the decade.</p><p><blockquote><table><tbody><tr></tr></tbody></table>很难判断订阅收入何时会超过车辆销售收入，因为该模型中存在许多未知数，例如订阅FSD的特斯拉驾驶员的百分比以及2023年Model 3在渗透“平价”汽车市场方面的成功。然而，订阅收入的增长率是几何到指数级的，在未来几年内将达到两位数的百分比，并且到本十年末很可能成为特斯拉收入来源的大部分。</blockquote></p><p> Tesla is taking the right step here, and we could very well see the company overcome hurdles that have plagued the car industry for decades. If so, we could see lower earnings variance in the cases of political policies targeting the automotive industry. For instance, revenue from the FSD subscription could remain unscathed by new tariffs and environmental policies, two sources of regulation that typically target cars themselves, not the software being employed. This is still speculative, but thus far we have no reason to suspect governments will specifically target FSD subscriptions in their carbon-reduction regulations or in tax policies.</p><p><blockquote>特斯拉在这方面迈出了正确的一步，我们很可能会看到该公司克服困扰汽车行业数十年的障碍。如果是这样的话，我们可以看到针对汽车行业的政治政策案例中的收益差异较低。例如，FSD订阅的收入可能不会受到新关税和环境政策的影响，这两个监管来源通常针对汽车本身，而不是所使用的软件。这仍然是猜测，但到目前为止，我们没有理由怀疑政府会在其碳减排法规或税收政策中专门针对FSD订阅。</blockquote></p><p> Once successfully rolled out, the FSD subscription is likely to become a source of reliable income for the company. As subscription revenue grows to where it exceeds sales revenue, investors will increasingly see Tesla as a safe investment. IV on TSLA should drop as subscription revenue outpaces traditional sales revenue, and drops in IV tend to correlate with stock moving upward.</p><p><blockquote>一旦成功推出，FSD订阅很可能成为该公司可靠的收入来源。随着订阅收入增长到超过销售收入，投资者将越来越多地将特斯拉视为一项安全的投资。随着订阅收入超过传统销售收入，TSLA的IV应该会下降，而IV的下降往往与股价上涨相关。</blockquote></p><p> From both a fundamental perspective and a stock perspective, the FSD subscription announcement is highly bullish. I see this as a reason for TSLA bulls to buy on any significant pullback.</p><p><blockquote>无论从基本面还是股票角度来看，FSD认购公告都是高度利多的。我认为这是特斯拉多头在任何重大回调时买入的理由。</blockquote></p><p> Yet we must admit, as with all new business models, investors have inherent risk. While the subscription model is extremely profitable itself, whether Tesla drivers will accept the FSD subscription remains a key factor in successfully employing the model. While I believe – due to its track record – Tesla will eventually work out the technical kinks in its self-driving feature, I can see two big reasons that FSD could flop.</p><p><blockquote>然而，我们必须承认，与所有新的商业模式一样，投资者也有固有的风险。虽然订阅模式本身利润丰厚，但特斯拉司机是否会接受FSD订阅仍然是成功采用该模式的关键因素。虽然我相信——由于其业绩记录——特斯拉最终会解决其自动驾驶功能中的技术问题，但我可以看到FSD可能失败的两大原因。</blockquote></p><p> First, Tesla could fail to bring FSD to level 5, the level promised, perhaps leading to a class-action lawsuit from subscribers. The technical aspects of FSD are beyond my expertise, though my background in AI does tell me that achieving level 5 is a monumental effort. Musk has successfully pulled off monumental efforts in the past, but perhaps those with more AI knowledge than I have good reason to believe that this is the hill upon which Musk will die.</p><p><blockquote>首先，特斯拉可能无法将FSD提升到承诺的5级，这可能会导致订户提起集体诉讼。FSD的技术方面超出了我的专业知识，尽管我的人工智能背景确实告诉我，达到5级是一项巨大的努力。马斯克过去成功地做出了巨大的努力，但也许那些比我拥有更多人工智能知识的人有充分的理由相信，这是马斯克将死在的山上。</blockquote></p><p> Second, the price point might be too high. For $200 per month, you could lease a brand new Honda – or you can enter Tesla’s work-in-progress FSD as a sort of beta tester. As we enter 2023, which should be a big year for Tesla with its $25,000 Model 2s allowing the company access to a new customer demographic, we need to reconsider whether a $200-per-month subscription will be appealing to the general Tesla user base. An overpriced subscription model can be easily fixed in the long run and should thus not be seen as a huge risk to the bull thesis, but too high of a price can prevent that initial market penetration Tesla needs in pioneering the subscription-as-a-model implementation in the automobile industry.</p><p><blockquote>其次，价格可能太高。每月200美元，您可以租赁一辆全新的本田汽车，或者您可以进入特斯拉正在进行的FSD作为beta测试人员。随着我们进入2023年，这对特斯拉来说应该是重要的一年，其25,000美元的Model 2使该公司能够接触到新的客户群，我们需要重新考虑每月200美元的订阅是否会吸引特斯拉的普通用户群。从长远来看，定价过高的订阅模式很容易得到解决，因此不应被视为牛市论点的巨大风险，但过高的价格可能会阻止特斯拉开创订阅即订阅所需的初始市场渗透。汽车行业的模型实施。</blockquote></p><p> <b>Technical Bullishness</b></p><p><blockquote><b>技术看涨</b></blockquote></p><p> From a technical perspective, too, TSLA is looking bullish. While often cited as being incredibly overpriced relative to the past couple years, TSLA is not making movements that are uncharacteristic of the stock. The recent movement pattern actually looks quite a bit like the one in early 2020, right before the huge rally:</p><p><blockquote>从技术角度来看，特斯拉看起来也很看涨。尽管与过去几年相比，特斯拉经常被认为定价过高，但特斯拉并没有做出与该股不同的走势。最近的走势模式实际上看起来很像2020年初，就在大幅反弹之前：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9ba282cb205e46e0448e0f01c7d8ee3f\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> Once you control for trading days, the movement looks relatively conservative. It’s about the median movement for a given quarter:</p><p><blockquote>一旦你控制了交易日，走势看起来相对保守。它是关于给定季度的中值变动：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1df19786e20b710470c561208d69d7c5\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p> If you extrapolate this to 200 trading days, you will find that TSLA tends to move upward another 10% with rather average volatility. The 2020 movement is an outlier in magnitude only; the pattern itself does not differ all that much from TSLA’s usual yearly movements:</p><p><blockquote>如果你将其外推到200个交易日，你会发现TSLA往往会以相当平均的波动性再上涨10%。2020年的运动只是规模上的一个异常值；这种模式本身与特斯拉通常的年度走势没有太大区别：</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/15a41d91691e32e1243015029fa67fa9\" tg-width=\"640\" tg-height=\"420\" width=\"100%\" height=\"auto\"><span>(Source: Damon Verial; data from Tiingo)</span></p><p><blockquote><p class=\"t-img-caption\"><span>（来源：Damon Verial；数据来自Tiingo）</span></p></blockquote></p><p></p><p> With TSLA heading into earnings, an impressive earnings report could give us a similar upward movement. Of course, playing TSLA over earnings is quite risky, which is why we do not typically play TSLA over earnings in my earnings-trading group (Exposing Earnings). Thus, I recommend those interested in TSLA buy on the back of the FSD subscription news, as this is a bullish fundamental catalyst.</p><p><blockquote>随着特斯拉即将盈利，一份令人印象深刻的盈利报告可能会给我们带来类似的上涨趋势。当然，玩TSLA而不是收益是相当危险的，这就是为什么我们在我的收益交易组（暴露收益）中通常不会玩TSLA而不是收益。因此，我建议那些对TSLA感兴趣的人在FSD订阅消息的支持下买入，因为这是看涨的基本面催化剂。</blockquote></p><p> <b>Options Strategy</b></p><p><blockquote><b>期权策略</b></blockquote></p><p> If you are playing options, however, you might wish to wait until after earnings so that you are not exposed to a volatility crush (option IV falling rapidly and thus decreasing the values of long options, as long options are also long vega). If you want to take an options strategy to hedge earnings risk, though, here is what I recommend. I’m assuming you’re holding 100 shares of TSLA, making this a hedge with extra profitability on the long side:</p><p><blockquote>然而，如果你在玩期权，你可能希望等到盈利之后，这样你就不会面临波动性挤压（期权IV迅速下跌，从而降低多头期权的价值，因为多头期权也是多头织女星）。不过，如果您想采取期权策略来对冲盈利风险，以下是我的建议。我假设您持有100股TSLA股票，使其成为具有额外多头盈利能力的对冲：</blockquote></p><p> <ol>  <li>Sell 1x Jul 30 $700 put</li>  <li>Buy 2x Jul 30 $650 puts</li> </ol> Net credit: $7000</p><p><blockquote><ol><li>7月30日卖出1x$700看跌期权</li><li>7月30日买入2倍650美元看跌期权</li></ol>净信贷：7000美元</blockquote></p><p> This is a volatile strategy, meaning it allows us to profit on either side. The major risk is if TSLA consolidates, trading strictly between $650 and $700 over the rest of July. Otherwise, we stand to profit on either side, either by the net long puts on the downside or via the stock plus credit earned from the strategy on the long side.</p><p><blockquote>这是一个不稳定的策略，这意味着它允许我们在任何一方获利。主要风险是如果TSLA盘整，在7月剩余时间内交易价格严格在650美元至700美元之间。否则，我们将从任何一方获利，要么通过下行的净多头看跌期权，要么通过股票加上多头策略赚取的信用。</blockquote></p><p> Even if you are confident TSLA will not sell off on earnings, this strategy works to your benefit by bringing in an extra $7000 in profit per 100 shares. You have the added value of downside protection, too. Let me know what you think in the comments section.</p><p><blockquote>即使您确信TSLA不会因盈利而抛售，该策略也会为您带来每100股额外7000美元的利润。你也有下行保护的附加值。请在评论区告诉我你的想法。</blockquote></p><p> <b>Conclusion</b></p><p><blockquote><b>结论</b></blockquote></p><p> Tesla’s addition of an FSD subscription greatly improves the company’s maximum revenue potential. Subscription services have proved themselves to quickly and drastically change the primary source of revenue for a company and could easily turn Tesla into a software company more so than an automotive company. Being so, we need to consider the possibility that Tesla entering the EV market was just the beginning for this company and that the financial future of Tesla is in its FSD service. If so, we are undervaluing this company, as we are using an EV lens to judge a software company.</p><p><blockquote>特斯拉增加FSD订阅极大地提高了公司的最大收入潜力。事实证明，订阅服务可以迅速而彻底地改变公司的主要收入来源，并且可以轻松地将特斯拉转变为一家软件公司，而不是一家汽车公司。既然如此，我们需要考虑这样一种可能性：特斯拉进入电动汽车市场只是这家公司的开始，而特斯拉的财务未来在于其FSD服务。如果是这样，我们就低估了这家公司的价值，就像我们用EV镜头来判断一家软件公司一样。</blockquote></p><p> I am highly bullish on TSLA in the long term due to the FSD prospects. In the short term, I believe the technicals are implying an upward swing. With earnings on Jul 26, you might want to hedge the downside simply due to TSLA’s volatility. But overall, being long on TSLA at this price is likely a profitable decision even with a short-term pullback.</p><p><blockquote>由于FSD的前景，我长期高度看好TSLA。从短期来看，我认为技术面暗示着上行。随着7月26日的财报发布，您可能想要对冲TSLA波动性带来的下行风险。但总体而言，即使出现短期回调，以这个价格做多特斯拉也可能是一个有利可图的决定。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4441324-tesla-could-become-a-subscription-company\">seekingalpha</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4441324-tesla-could-become-a-subscription-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1175108896","content_text":"Summary\n\nTesla is indicating a movement toward an Adobe-like subscription business model, which has been shown to skyrocket revenue.\nIn this way, Tesla is again a first-mover and will set the standards for the industry in the coming decades.\nTechnically, the recent movement is a rather normal pattern and tends to lead to more gains.\nI recommend TSLA longs add a credit strategy to their position before earnings, both for protection and extra income.\n\njetcityimage/iStock Editorial via Getty Images\nI last wrote about Tesla(TSLA) in 2019, when I recommended a buy on the pullback. Said pullback was a pullback to $47, a number TSLA will likely never hit again. These days, TSLA flirts with numbers over $1,000, and with good reason.\nAnd today, TSLA has yet another reason to justify its lofty price. The company has unveiled a full self driving(FSD) subscription. This is a step in the right direction.\nSubscriptions: The Ultimate Profit Model\nSoftware – and more broadly, tech – has been moving to subscription-based business models, which have proved themselves to be vastly superior to the old way of doing business (selling a product outright) in terms of profitability. Whereas once we paid a one-time fee for a product such as Adobe (ADBE) Photoshop, now we are almost certainly paying much more than that one-time payment over the product’s lifetime. It was only a matter of time for the slower-than-tech automotive industry to understand that subscription business models can siphon much more money from the customer than the traditional model, and I’m not surprised that Tesla, often regarded more as a tech company than an automobile company, is to be the first company employing this strategy.\nI believe Pierre Ferragu understands this. From SA’s above-linked news on the FSD subscription:\n\n One of the biggest bulls on the FSD upside for Tesla is New Street Research analyst Pierre Ferragu. He thinks Tesla will make roughly $7K in profit from selling a car and almost $23K from selling FSD subscriptions on the same vehicle by 2030. If Ferragu is correct, the entire industry is expected to move toward an autonomous subscription service model.”\n\nFerragu’s predictions match my thoughts on the subscription-based business model. Tesla’s revenue and subscription paradigm could easily become Adobe-like, where the vast majority of the company’s revenue stems from subscriptions. (Seemy recent article on Adobefor more on how this business model works.) The potential of this business model’s impact on revenue is easily seen via Adobe’s results (though many other companies are seeing the same sort of results):\n\nOf course, the stock sees results too:\n\nImportantly, Ferragu notes that the whole industry will move toward the subscription business model, a sentiment I agree with. Some might argue that the automotive industry is not the software industry and that it is better to provide a quality product at a fair price when it comes to automobiles. But history would show this to be incorrect: Look at how General Motors (GM) pushed even Ford (F), a company that built itself on creating long-lasting, quality cars, into the planned obsolescence paradigm (yearly design upgrades for each product line) that the industry has fallen into.\nIn the future, Tesla’s bulk revenue should come not from car sales but from subscriptions. This is the new economy for most industries moving forward, and Tesla will be the pioneer of this business model in the automotive industry. We’ve seen how this has played out to the benefit of profitability in software and film (streaming services such as Disney and Netflix), and it should play out similarly for automobiles.\nConsider this: Tesla sold around 500K cars in 2020. With the Berlin, Shanghai, and Texas plants in action this year, Tesla should be producing an extra 300K cars in 2021. At this rate, Tesla will be over the 1M per year mark (likely around 1.5M) before the end of 2022. Assume only half of the produced cars per year end up with a FSD subscription, then, a la Adobe, subscription revenue can be seen quickly approaching equality with the revenue from the traditional model – note that this model is highly conservative as it ignores all cars produced prior to 2020:\nRevenue from FSD Subscriptions Per Year\n\n\n\n\n\n\nIt is difficult to tell when subscription revenue will surpass vehicle sales revenue because of numerous unknowns in the model, such as the percentage of Tesla drivers subscribing to FSD and the success of the 2023 Model 3 in penetrating the “affordable” car market. However, the rate at which subscription revenue grows is geometric-to-exponential, will be a double-digit percentage within the next couple years and is likely to be the majority of Tesla’s revenue stream by the end of the decade.\nTesla is taking the right step here, and we could very well see the company overcome hurdles that have plagued the car industry for decades. If so, we could see lower earnings variance in the cases of political policies targeting the automotive industry. For instance, revenue from the FSD subscription could remain unscathed by new tariffs and environmental policies, two sources of regulation that typically target cars themselves, not the software being employed. This is still speculative, but thus far we have no reason to suspect governments will specifically target FSD subscriptions in their carbon-reduction regulations or in tax policies.\nOnce successfully rolled out, the FSD subscription is likely to become a source of reliable income for the company. As subscription revenue grows to where it exceeds sales revenue, investors will increasingly see Tesla as a safe investment. IV on TSLA should drop as subscription revenue outpaces traditional sales revenue, and drops in IV tend to correlate with stock moving upward.\nFrom both a fundamental perspective and a stock perspective, the FSD subscription announcement is highly bullish. I see this as a reason for TSLA bulls to buy on any significant pullback.\nYet we must admit, as with all new business models, investors have inherent risk. While the subscription model is extremely profitable itself, whether Tesla drivers will accept the FSD subscription remains a key factor in successfully employing the model. While I believe – due to its track record – Tesla will eventually work out the technical kinks in its self-driving feature, I can see two big reasons that FSD could flop.\nFirst, Tesla could fail to bring FSD to level 5, the level promised, perhaps leading to a class-action lawsuit from subscribers. The technical aspects of FSD are beyond my expertise, though my background in AI does tell me that achieving level 5 is a monumental effort. Musk has successfully pulled off monumental efforts in the past, but perhaps those with more AI knowledge than I have good reason to believe that this is the hill upon which Musk will die.\nSecond, the price point might be too high. For $200 per month, you could lease a brand new Honda – or you can enter Tesla’s work-in-progress FSD as a sort of beta tester. As we enter 2023, which should be a big year for Tesla with its $25,000 Model 2s allowing the company access to a new customer demographic, we need to reconsider whether a $200-per-month subscription will be appealing to the general Tesla user base. An overpriced subscription model can be easily fixed in the long run and should thus not be seen as a huge risk to the bull thesis, but too high of a price can prevent that initial market penetration Tesla needs in pioneering the subscription-as-a-model implementation in the automobile industry.\nTechnical Bullishness\nFrom a technical perspective, too, TSLA is looking bullish. While often cited as being incredibly overpriced relative to the past couple years, TSLA is not making movements that are uncharacteristic of the stock. The recent movement pattern actually looks quite a bit like the one in early 2020, right before the huge rally:\n(Source: Damon Verial; data from Tiingo)\nOnce you control for trading days, the movement looks relatively conservative. It’s about the median movement for a given quarter:\n(Source: Damon Verial; data from Tiingo)\nIf you extrapolate this to 200 trading days, you will find that TSLA tends to move upward another 10% with rather average volatility. The 2020 movement is an outlier in magnitude only; the pattern itself does not differ all that much from TSLA’s usual yearly movements:\n(Source: Damon Verial; data from Tiingo)\nWith TSLA heading into earnings, an impressive earnings report could give us a similar upward movement. Of course, playing TSLA over earnings is quite risky, which is why we do not typically play TSLA over earnings in my earnings-trading group (Exposing Earnings). Thus, I recommend those interested in TSLA buy on the back of the FSD subscription news, as this is a bullish fundamental catalyst.\nOptions Strategy\nIf you are playing options, however, you might wish to wait until after earnings so that you are not exposed to a volatility crush (option IV falling rapidly and thus decreasing the values of long options, as long options are also long vega). If you want to take an options strategy to hedge earnings risk, though, here is what I recommend. I’m assuming you’re holding 100 shares of TSLA, making this a hedge with extra profitability on the long side:\n\nSell 1x Jul 30 $700 put\nBuy 2x Jul 30 $650 puts\n\nNet credit: $7000\nThis is a volatile strategy, meaning it allows us to profit on either side. The major risk is if TSLA consolidates, trading strictly between $650 and $700 over the rest of July. Otherwise, we stand to profit on either side, either by the net long puts on the downside or via the stock plus credit earned from the strategy on the long side.\nEven if you are confident TSLA will not sell off on earnings, this strategy works to your benefit by bringing in an extra $7000 in profit per 100 shares. You have the added value of downside protection, too. Let me know what you think in the comments section.\nConclusion\nTesla’s addition of an FSD subscription greatly improves the company’s maximum revenue potential. Subscription services have proved themselves to quickly and drastically change the primary source of revenue for a company and could easily turn Tesla into a software company more so than an automotive company. Being so, we need to consider the possibility that Tesla entering the EV market was just the beginning for this company and that the financial future of Tesla is in its FSD service. If so, we are undervaluing this company, as we are using an EV lens to judge a software company.\nI am highly bullish on TSLA in the long term due to the FSD prospects. In the short term, I believe the technicals are implying an upward swing. With earnings on Jul 26, you might want to hedge the downside simply due to TSLA’s volatility. But overall, being long on TSLA at this price is likely a profitable decision even with a short-term pullback.","news_type":1,"symbols_score_info":{"TSLA":0.9}},"isVote":1,"tweetType":1,"viewCount":1184,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":800619655,"gmtCreate":1627297065277,"gmtModify":1633766419187,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Wat NASA do then?","listText":"Wat NASA do then?","text":"Wat NASA do then?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/800619655","repostId":"2153334679","repostType":4,"isVote":1,"tweetType":1,"viewCount":825,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177223992,"gmtCreate":1627225995116,"gmtModify":1633767046738,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Can't stand video games","listText":"Can't stand video games","text":"Can't stand video games","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177223992","repostId":"2153829859","repostType":4,"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177229919,"gmtCreate":1627225927531,"gmtModify":1633767047656,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Prolly cos of greedy tutors taking advantage of tiger parents","listText":"Prolly cos of greedy tutors taking advantage of tiger parents","text":"Prolly cos of greedy tutors taking advantage of tiger parents","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177229919","repostId":"2153330936","repostType":4,"isVote":1,"tweetType":1,"viewCount":1062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177267439,"gmtCreate":1627225797821,"gmtModify":1633767048994,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/177267439","repostId":"2153936352","repostType":4,"isVote":1,"tweetType":1,"viewCount":646,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175202524,"gmtCreate":1627031863268,"gmtModify":1633768617920,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Bec tutoring is causing a lot of pain, like doctors fees","listText":"Bec tutoring is causing a lot of pain, like doctors fees","text":"Bec tutoring is causing a lot of pain, like doctors fees","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175202524","repostId":"2153600177","repostType":4,"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":175208844,"gmtCreate":1627031717488,"gmtModify":1633768619326,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Overjoyed over a little.","listText":"Overjoyed over a little.","text":"Overjoyed over a little.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/175208844","repostId":"1164478982","repostType":4,"isVote":1,"tweetType":1,"viewCount":610,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801376343,"gmtCreate":1627485247982,"gmtModify":1631885102675,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Time to try cheap coffee.","listText":"Time to try cheap coffee.","text":"Time to try cheap coffee.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/801376343","repostId":"1112939298","repostType":4,"repost":{"id":"1112939298","kind":"news","pubTimestamp":1627484367,"share":"https://www.laohu8.com/m/news/1112939298?lang=zh_CN&edition=full","pubTime":"2021-07-28 22:59","market":"us","language":"en","title":"Starbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1112939298","media":"Barrons","summary":"Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s clo","content":"<p>Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s close.</p><p><blockquote>尽管星巴克在周二收盘后公布的盈利好于预期，但其股价仍在下跌。</blockquote></p><p> Starbucks&nbsp;reported non-GAAP per-share earnings of $1.01 on $7.5 billion in revenue, a record. Analysts had forecast earnings per share of $0.77 on $7.3 billion in revenue.</p><p><blockquote>星巴克公布的非GAAP每股收益为1.01美元，营收为75亿美元，创历史新高。分析师此前预测每股收益为0.77美元，营收为73亿美元。</blockquote></p><p> Despite beating consensus revenue and earnings targets, Starbucks stock is down 3%, to $122.30.</p><p><blockquote>尽管收入和盈利超出了市场普遍预期的目标，星巴克股价仍下跌3%，至122.30美元。</blockquote></p><p> Driven by an 84% increase in same-store sales in America, the global coffee giant reported an overall increase in comparable-store sales of 73% relative to the third quarter last year. Indeed, brand loyalty remains strong, especially in the U.S. where 90-day active&nbsp;members of the Starbucks Rewards loyalty program&nbsp;increased 48% year-over-year and now account for 51% of all spending in U.S. stores–up 8% from pre-pandemic levels.</p><p><blockquote>在美国同店销售额增长84%的推动下，这家全球咖啡巨头报告称，与去年第三季度相比，同店销售额总体增长了73%。事实上，品牌忠诚度仍然很高，尤其是在美国，星巴克奖励忠诚度计划的90天活跃会员同比增长48%，目前占美国商店总支出的51%，比前增长了8%-大流行水平。</blockquote></p><p> In a statement, Starbucks CEO Kevin Johnson told investors “Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment.”</p><p><blockquote>星巴克首席执行官凯文·约翰逊在一份声明中告诉投资者：“星巴克在第三季度取得了创纪录的业绩，展示了复苏之外的强大势头。我们快速、敏捷地行动以及领先于不断变化的客户行为的能力帮助星巴克进一步脱颖而出，让我们在这一刻处于有利地位。”</blockquote></p><p> The strong results have prompted management to raise the company’s 2021 earnings per share outlook from $2.90-$3.00 to $3.20-$3.25.</p><p><blockquote>强劲的业绩促使管理层将公司2021年每股收益预期从2.90-3.00美元上调至3.20-3.25美元。</blockquote></p><p> During the earnings call, analysts were keen to hear about management’s outlook on China, as they expressed concerns about consumer pushback against U.S. brands in the region. However, Johnson was quick to dispel the concerns, commenting that there hasn’t been a&nbsp;geopolitical event in China&nbsp;that has impacted them in the past couple of years, and he doesn’t foresee that happening as long as they continue taking care of their partners and customers.</p><p><blockquote>在财报看涨期权上，分析师们渴望了解管理层对中国的展望，因为他们表达了对中国消费者抵制美国品牌的担忧。然而，约翰逊很快打消了这些担忧，他评论说，过去几年中国没有发生影响他们的地缘政治事件，只要他们继续照顾他们的合作伙伴和客户，他预计这种情况不会发生。</blockquote></p><p> While fears about&nbsp;rising labor costs&nbsp;did not materialize since operating margins were higher than last quarter and the corresponding period last year, analysts were expecting better performance in international markets. Cowen analyst, Andrew Charles, stated that Starbucks’s 41% change in comparable-store sales relative to the same period last year fell short of the 62% growth he anticipated to see. Nonetheless, the impressive numbers from the U.S. were enough for Charles to raise his price target from $126 to $135. Likewise, Stifel analyst Chris O’Cull had expected international comparable store sales to increase 66%. O’Cull further noted that management offered guidance, which implied roughly flat two-year international comparable store sales.</p><p><blockquote>尽管由于营业利润率高于上季度和去年同期，对劳动力成本上升的担忧并未成为现实，但分析师预计国际市场的表现会更好。Cowen分析师安德鲁·查尔斯(Andrew Charles)表示，星巴克同店销售额与去年同期相比变化了41%，低于他预期的62%增长。尽管如此，来自美国的令人印象深刻的数据足以让查尔斯将目标价从126美元提高到135美元。同样，Stifel分析师Chris O’Cull此前预计国际可比商店销售额将增长66%。奥卡尔进一步指出，管理层提供了指导，这意味着两年国际可比商店销售额大致持平。</blockquote></p><p> The question to investors remains whether strong U.S. growth is enough to keep on offsetting slower international growth and push the stock higher.</p><p><blockquote>投资者面临的问题仍然是，美国的强劲增长是否足以继续抵消国际增长放缓的影响并推高股价。</blockquote></p><p></p>","source":"lsy1601382232898","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Starbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nStarbucks Earnings Crushed Expectations. Why Its Stock Is Dropping.<blockquote>星巴克盈利超出预期。为什么它的股票在下跌。</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Barrons</strong><span class=\"h-time small\">2021-07-28 22:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s close.</p><p><blockquote>尽管星巴克在周二收盘后公布的盈利好于预期，但其股价仍在下跌。</blockquote></p><p> Starbucks&nbsp;reported non-GAAP per-share earnings of $1.01 on $7.5 billion in revenue, a record. Analysts had forecast earnings per share of $0.77 on $7.3 billion in revenue.</p><p><blockquote>星巴克公布的非GAAP每股收益为1.01美元，营收为75亿美元，创历史新高。分析师此前预测每股收益为0.77美元，营收为73亿美元。</blockquote></p><p> Despite beating consensus revenue and earnings targets, Starbucks stock is down 3%, to $122.30.</p><p><blockquote>尽管收入和盈利超出了市场普遍预期的目标，星巴克股价仍下跌3%，至122.30美元。</blockquote></p><p> Driven by an 84% increase in same-store sales in America, the global coffee giant reported an overall increase in comparable-store sales of 73% relative to the third quarter last year. Indeed, brand loyalty remains strong, especially in the U.S. where 90-day active&nbsp;members of the Starbucks Rewards loyalty program&nbsp;increased 48% year-over-year and now account for 51% of all spending in U.S. stores–up 8% from pre-pandemic levels.</p><p><blockquote>在美国同店销售额增长84%的推动下，这家全球咖啡巨头报告称，与去年第三季度相比，同店销售额总体增长了73%。事实上，品牌忠诚度仍然很高，尤其是在美国，星巴克奖励忠诚度计划的90天活跃会员同比增长48%，目前占美国商店总支出的51%，比前增长了8%-大流行水平。</blockquote></p><p> In a statement, Starbucks CEO Kevin Johnson told investors “Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment.”</p><p><blockquote>星巴克首席执行官凯文·约翰逊在一份声明中告诉投资者：“星巴克在第三季度取得了创纪录的业绩，展示了复苏之外的强大势头。我们快速、敏捷地行动以及领先于不断变化的客户行为的能力帮助星巴克进一步脱颖而出，让我们在这一刻处于有利地位。”</blockquote></p><p> The strong results have prompted management to raise the company’s 2021 earnings per share outlook from $2.90-$3.00 to $3.20-$3.25.</p><p><blockquote>强劲的业绩促使管理层将公司2021年每股收益预期从2.90-3.00美元上调至3.20-3.25美元。</blockquote></p><p> During the earnings call, analysts were keen to hear about management’s outlook on China, as they expressed concerns about consumer pushback against U.S. brands in the region. However, Johnson was quick to dispel the concerns, commenting that there hasn’t been a&nbsp;geopolitical event in China&nbsp;that has impacted them in the past couple of years, and he doesn’t foresee that happening as long as they continue taking care of their partners and customers.</p><p><blockquote>在财报看涨期权上，分析师们渴望了解管理层对中国的展望，因为他们表达了对中国消费者抵制美国品牌的担忧。然而，约翰逊很快打消了这些担忧，他评论说，过去几年中国没有发生影响他们的地缘政治事件，只要他们继续照顾他们的合作伙伴和客户，他预计这种情况不会发生。</blockquote></p><p> While fears about&nbsp;rising labor costs&nbsp;did not materialize since operating margins were higher than last quarter and the corresponding period last year, analysts were expecting better performance in international markets. Cowen analyst, Andrew Charles, stated that Starbucks’s 41% change in comparable-store sales relative to the same period last year fell short of the 62% growth he anticipated to see. Nonetheless, the impressive numbers from the U.S. were enough for Charles to raise his price target from $126 to $135. Likewise, Stifel analyst Chris O’Cull had expected international comparable store sales to increase 66%. O’Cull further noted that management offered guidance, which implied roughly flat two-year international comparable store sales.</p><p><blockquote>尽管由于营业利润率高于上季度和去年同期，对劳动力成本上升的担忧并未成为现实，但分析师预计国际市场的表现会更好。Cowen分析师安德鲁·查尔斯(Andrew Charles)表示，星巴克同店销售额与去年同期相比变化了41%，低于他预期的62%增长。尽管如此，来自美国的令人印象深刻的数据足以让查尔斯将目标价从126美元提高到135美元。同样，Stifel分析师Chris O’Cull此前预计国际可比商店销售额将增长66%。奥卡尔进一步指出，管理层提供了指导，这意味着两年国际可比商店销售额大致持平。</blockquote></p><p> The question to investors remains whether strong U.S. growth is enough to keep on offsetting slower international growth and push the stock higher.</p><p><blockquote>投资者面临的问题仍然是，美国的强劲增长是否足以继续抵消国际增长放缓的影响并推高股价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.barrons.com/articles/starbucks-earnings-stock-51627419105?mod=hp_LATEST\">Barrons</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SBUX":"星巴克"},"source_url":"https://www.barrons.com/articles/starbucks-earnings-stock-51627419105?mod=hp_LATEST","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1112939298","content_text":"Starbucks stock was dropping despite reporting better-than-expected earnings following Tuesday’s close.\nStarbucks reported non-GAAP per-share earnings of $1.01 on $7.5 billion in revenue, a record. Analysts had forecast earnings per share of $0.77 on $7.3 billion in revenue.\nDespite beating consensus revenue and earnings targets, Starbucks stock is down 3%, to $122.30.\nDriven by an 84% increase in same-store sales in America, the global coffee giant reported an overall increase in comparable-store sales of 73% relative to the third quarter last year. Indeed, brand loyalty remains strong, especially in the U.S. where 90-day active members of the Starbucks Rewards loyalty program increased 48% year-over-year and now account for 51% of all spending in U.S. stores–up 8% from pre-pandemic levels.\nIn a statement, Starbucks CEO Kevin Johnson told investors “Starbucks delivered record performance in the third quarter, demonstrating powerful momentum beyond recovery. Our ability to move with speed and agility and to be out in front of shifting customer behaviors has helped further differentiate Starbucks, positioning us well for this moment.”\nThe strong results have prompted management to raise the company’s 2021 earnings per share outlook from $2.90-$3.00 to $3.20-$3.25.\nDuring the earnings call, analysts were keen to hear about management’s outlook on China, as they expressed concerns about consumer pushback against U.S. brands in the region. However, Johnson was quick to dispel the concerns, commenting that there hasn’t been a geopolitical event in China that has impacted them in the past couple of years, and he doesn’t foresee that happening as long as they continue taking care of their partners and customers.\nWhile fears about rising labor costs did not materialize since operating margins were higher than last quarter and the corresponding period last year, analysts were expecting better performance in international markets. Cowen analyst, Andrew Charles, stated that Starbucks’s 41% change in comparable-store sales relative to the same period last year fell short of the 62% growth he anticipated to see. Nonetheless, the impressive numbers from the U.S. were enough for Charles to raise his price target from $126 to $135. Likewise, Stifel analyst Chris O’Cull had expected international comparable store sales to increase 66%. O’Cull further noted that management offered guidance, which implied roughly flat two-year international comparable store sales.\nThe question to investors remains whether strong U.S. growth is enough to keep on offsetting slower international growth and push the stock higher.","news_type":1,"symbols_score_info":{"SBUX":0.9}},"isVote":1,"tweetType":1,"viewCount":971,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":173873013,"gmtCreate":1626655181832,"gmtModify":1633925253494,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Ok will do.","listText":"Ok will do.","text":"Ok will do.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/173873013","repostId":"1160548856","repostType":4,"isVote":1,"tweetType":1,"viewCount":519,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":176752702,"gmtCreate":1626917545106,"gmtModify":1633769766436,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Everything is managed.","listText":"Everything is managed.","text":"Everything is managed.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/176752702","repostId":"2153477496","repostType":4,"isVote":1,"tweetType":1,"viewCount":509,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":144482653,"gmtCreate":1626310346072,"gmtModify":1633928030525,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"They think delta means sleep on","listText":"They think delta means sleep on","text":"They think delta means sleep on","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/144482653","repostId":"1158066571","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":808365315,"gmtCreate":1627558469737,"gmtModify":1633763826892,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Getting unpopular","listText":"Getting unpopular","text":"Getting unpopular","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/808365315","repostId":"1160646302","repostType":4,"isVote":1,"tweetType":1,"viewCount":2014,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":801100375,"gmtCreate":1627485514497,"gmtModify":1633764520751,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Bye-bye facebook","listText":"Bye-bye facebook","text":"Bye-bye facebook","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/801100375","repostId":"1179923360","repostType":4,"isVote":1,"tweetType":1,"viewCount":1921,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":177229919,"gmtCreate":1627225927531,"gmtModify":1633767047656,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Prolly cos of greedy tutors taking advantage of tiger parents","listText":"Prolly cos of greedy tutors taking advantage of tiger parents","text":"Prolly cos of greedy tutors taking advantage of tiger parents","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/177229919","repostId":"2153330936","repostType":4,"isVote":1,"tweetType":1,"viewCount":1062,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":175202524,"gmtCreate":1627031863268,"gmtModify":1633768617920,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Bec tutoring is causing a lot of pain, like doctors fees","listText":"Bec tutoring is causing a lot of pain, like doctors fees","text":"Bec tutoring is causing a lot of pain, like doctors fees","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/175202524","repostId":"2153600177","repostType":4,"isVote":1,"tweetType":1,"viewCount":1075,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":178480541,"gmtCreate":1626831773683,"gmtModify":1633770586605,"author":{"id":"3573708491598785","authorId":"3573708491598785","name":"SHAJ","avatar":"https://static.tigerbbs.com/bd7cb9c446f2a757b685fbfa4ef1dbd9","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3573708491598785","idStr":"3573708491598785"},"themes":[],"title":"","htmlText":"Is alternative coming??","listText":"Is alternative coming??","text":"Is alternative coming??","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/178480541","repostId":"1169582354","repostType":4,"isVote":1,"tweetType":1,"viewCount":450,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}