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Nickmons
Nickmons
·
2021-06-21
Tell me your opinion about this news...
Twilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并实现盈利</blockquote>
Summary Twilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and
Twilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并实现盈利</blockquote>
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Nickmons
Nickmons
·
2021-05-03
Bull market dor this month..
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Nickmons
Nickmons
·
2021-04-30
Ok
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Nickmons
Nickmons
·
2021-03-19
Good
1 Stock Warren Buffett and Cathie Wood Have in Common and 1 They Should<blockquote>沃伦·巴菲特和凯西·伍德拥有 1 只共同点，以及他们应该拥有的 1 只股票</blockquote>
It might be a surprise to find out that two investors with virtually opposite approaches -- one who
1 Stock Warren Buffett and Cathie Wood Have in Common and 1 They Should<blockquote>沃伦·巴菲特和凯西·伍德拥有 1 只共同点，以及他们应该拥有的 1 只股票</blockquote>
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Nickmons
Nickmons
·
2021-03-13
Bullish ahead Tesla bearish?
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Nickmons
Nickmons
·
2021-03-08
BeArish?
Senseonics plunged more than 9%<blockquote>Senseonics暴跌逾9%</blockquote>
(March 5) Senseonics plunged more than 9%. Senseonics downgraded to underperform from market perform
Senseonics plunged more than 9%<blockquote>Senseonics暴跌逾9%</blockquote>
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Nickmons
Nickmons
·
2021-03-05
Bearish ahead?
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Nickmons
Nickmons
·
2021-03-03
Bearish?
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Nickmons
Nickmons
·
2021-03-02
Good
Is AMD Stock A Buy After Chipmaker's Fourth-Quarter Earnings Report?<blockquote>芯片制造商发布第四季度收益报告后，AMD 股票值得买入吗？</blockquote>
Advanced Micro Devices(AMD) stock is down since the chipmaker reported fourth-quarter results in lat
Is AMD Stock A Buy After Chipmaker's Fourth-Quarter Earnings Report?<blockquote>芯片制造商发布第四季度收益报告后，AMD 股票值得买入吗？</blockquote>
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Nickmons
Nickmons
·
2021-03-01
Bullish ahead?
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me your opinion about this news...","listText":"Tell me your opinion about this news...","text":"Tell me your opinion about this news...","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/167678876","repostId":"1107200738","repostType":4,"repost":{"id":"1107200738","kind":"news","pubTimestamp":1624266640,"share":"https://www.laohunote.com/m/news/1107200738?lang=zh_CN&edition=full","pubTime":"2021-06-21 17:10","market":"us","language":"en","title":"Twilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并实现盈利</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1107200738","media":"seekingalpha","summary":"Summary\n\nTwilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and","content":"<p><b>Summary</b></p><p><blockquote><b>总结</b></blockquote></p><p> <ul> <li>Twilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and it would fizzle out when reopening takes centre stage.</li> <li>Meanwhile, the company has continued to build on its strength through numerous key acquisitions, among which the Segment deal stood out as the most important.</li> <li>As a result of third-party cookies deprecation, companies would likely need Twilio even more moving forward.</li> <li>At its current valuations and its high DBNER of 133%, investors should take advantage of the recent price weakness to gain access to Twilio now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/615c999acf1acd79840514a42f3c4521\" tg-width=\"768\" tg-height=\"512\"><span>Drew Angerer/Getty Images</span></p><p><blockquote><ul><li>Twilio 被误解为只受益于 COVID-19 顺风的股票，当重新开放成为焦点时，它就会失败。</li><li>与此同时，该公司通过多项重要收购继续增强实力，其中分部交易是最重要的。</li><li>由于第三方cookies的弃用，公司可能需要Twilio更进一步。</li><li>鉴于其目前的估值和 133% 的高 DBNER，投资者现在应该利用近期价格疲软的机会购买 Twilio。</li></ul><p class=\"t-img-caption\"><span>德鲁·安格勒/盖蒂图片社</span></p></blockquote></p><p> <b>NewsInvestment Thesis</b></p><p><blockquote><b>新闻投资论文</b></blockquote></p><p> Many investors have misunderstood Twilio’s (TWLO) business model due to its unprofitability even as it delivered industry leading revenue growth metrics. While it may have yet to be EBIT profitable, the company is setting itself up to be the CPaaS leader with a top notch customer engagement platform, following its acquisition of the No.1 Customer Data Platform [CDP] in the world: Segment. Investors should understand by now that the secular tailwinds driving digitisation are not going to reverse, and therefore TWLO is in a prime position to benefit as the platform for the world on their customer engagement needs. Add on the impending deprecation of third-party cookies, companies would likely find TWLO even more important in their customer engagement efforts moving forward. At its current valuation, investors should find that TWLO may actually be valued at a discount to many of the stocks listed in the SaaS space.</p><p><blockquote>许多投资者误解了 Twilio (TWLO) 的商业模式，因为它无法盈利，尽管它实现了行业领先的收入增长指标。虽然它可能尚未实现息税前利润，但在收购了全球排名第一的客户数据平台[CDP]：Segment后，该公司正在通过一流的客户参与平台将自己打造成CPaaS领导者。投资者现在应该明白，推动数字化的长期顺风不会逆转，因此TWLO处于有利地位，作为全球客户参与需求的平台。再加上第三方cookies即将被弃用，公司可能会发现TWLO在未来的客户参与工作中更加重要。按照目前的估值，投资者应该会发现 TWLO 的估值实际上可能低于 SaaS 领域上市的许多股票。</blockquote></p><p> <b>Twilio is Not your Typical SaaS Stock</b></p><p><blockquote><b>Twilio 不是典型的 SaaS 股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aec3449de8bbaa50dabd8b4343c41583\" tg-width=\"600\" tg-height=\"371\"><span>DBNER. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>德布纳。数据来源：公司文件</span></p></blockquote></p><p> Twilio’s value proposition as a CPaaS is unlike the typical SaaS company that makes the most of its revenue through recurring subscriptions, and increase or maintain their DBNER or DBNRR by cross-selling into other products or up-selling their customers by taking on more seats. TWLO’s revenue is mainly based on usage. Therefore the company makes more revenue when customers use its platform more, and make less when customers use it less. Therefore, because it’s based on usage we could easily determine the strength of its customers' usage simply by observing its DBNER trend.TWLO’s DBNER “increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product.”</p><p><blockquote>Twilio 作为 CPaaS 的价值主张不同于典型的 SaaS 公司，后者通过定期订阅获得大部分收入，并通过交叉销售其他产品或通过占用更多席位向客户追加销售来增加或维持其 DBNER 或 DBNRR。TWLO 的收入主要基于使用量。因此，当客户更多地使用其平台时，该公司会赚取更多收入，而当客户更少使用其平台时，该公司会赚取更少收入。因此，由于 TWLO 是基于使用量的，我们只需观察其 DBNER 趋势，就能轻松确定其客户的使用强度。TWLO 的 DBNER “当此类活跃客户账户增加产品使用量、将产品使用量扩展到新应用或采用新产品时，TWLO 的 DBNER 就会增加。当此类活跃客户账户停止或减少产品使用量，或公司降低产品使用量价格时，TWLO 以美元计算的净增长率就会下降”。</blockquote></p><p> Therefore, we could clearly observe from TWLO’s strong DBNER trend that its customers have been consistently increasing their net usage of its platform over the years, which actually already begun before COVID-19 hit. TWLO’s DBNER has been largely consistent as well and the company was also confident of achieving a normalized DBNER in the range of 130s moving forward.</p><p><blockquote>因此，我们可以从 TWLO 强劲的 DBNER 趋势中清楚地观察到，多年来，其客户对其平台的净使用量一直在不断增加，而这实际上在 COVID-19 来袭之前就已经开始了。TWLO 的 DBNER 也基本保持稳定，该公司也有信心在未来实现 130 度范围内的标准化 DBNER。</blockquote></p><p> Moreover, the company has also highlighted that it continued to see increased use cases in its platform in many industries, and in particular in telehealth, which is another market that has been wrongly perceived to be only a COVID-19 phenomenon that has no sustainability. We have previously covered in a recent article on Teladoc (TDOC) on why telehealth’s rapid growth has begun well before the pandemic hit and is still very early in its growth phase as the market is expected to grow by more than 20% CAGR over the next 10 years. Therefore the secular tailwinds that are driving digitisation across many different industries would also drive increased business to TWLO as the market’s leading cloud communications and customer engagement platform.</p><p><blockquote>此外，该公司还强调，其平台在许多行业的用例继续增加，特别是在远程医疗领域，这是另一个被错误地认为只是没有可持续性的新冠肺炎现象的市场。我们曾在 Teladoc (TDOC) 最近的一篇文章中介绍过，为什么远程医疗的快速增长早在大流行病来袭之前就已经开始了，而且仍处于增长阶段，因为预计未来 10 年市场的复合年增长率将超过 20%。因此，推动许多不同行业数字化的长期顺风也将推动 TWLO 作为市场领先的云通信和客户参与平台的业务增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32ecc737bf53e45f2b6a58e0d2121279\" tg-width=\"1280\" tg-height=\"384\"><span>SaaS DBNER/DBNRR. Source: Atom Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS DBNER/DBNRR。资料来源：Atom Finance</span></p></blockquote></p><p></p><p> This is especially so when we look across the SaaS space. Investors would be hard-pressed to find many companies that boast a NRR that has been consistently above 130% like TWLO (median: 120%). Another company that also uses usage-based pricing: Snowflake (SNOW) had a NRR of 168% in the latest quarter. Investors may think that these companies that adopt usage-based pricing may suffer if their customers drop off their usage rates drastically. However, TWLO and SNOW have both proven that their platforms are so sticky and offer so much value that once you are on it, you would keep using it more and more over time, and also expand usage into new products. Therefore, this usage-based pricing model has an inherently powerful booster to the company’s topline as use-cases kept increasing, something that a typical subscription-based ARR model may not be able to replicate without a usage-based model.</p><p><blockquote>当我们放眼SaaS领域时，尤其如此。投资者将很难找到许多像 TWLO（中位数：120%）那样拥有 NRR 一直高于 130% 的公司。另一家也使用基于使用的定价的公司：Snowflake (SNOW) 最近一个季度的 NRR 为 168%。投资者可能会认为，如果客户大幅降低使用率，这些采用基于使用量定价的公司可能会遭受损失。然而，TWLO和SNOW都证明了他们的平台是如此的粘性，并提供了如此多的价值，以至于一旦你在上面，随着时间的推移，你会越来越多地使用它，并将使用扩展到新产品中。因此，随着用例的不断增加，这种基于使用情况的定价模式对公司的营收有内在的强大推动作用，而如果没有基于使用情况的模式，典型的基于订阅的 ARR 模式可能无法复制这一点。</blockquote></p><p> <b>Market Truly Underestimated Segment's Acquisition</b></p><p><blockquote><b>市场真正被低估的细分市场收购</b></blockquote></p><p> In our opinion, we think the market really underplayed Segment’s acquisition for TWLO. First, Segment is the No.1 CDP worldwide ranked by IDC, so we think TWLO has done an amazing deal there. In fact, the company emphasized how important they thought the acquisition meant to them (emphasis by us):</p><p><blockquote>我们认为，市场确实低估了 Segment 对 TWLO 的收购。首先，Segment 是 IDC 排名全球第一的 CDP，因此我们认为 TWLO 在那里做了一笔惊人的交易。事实上，该公司强调了他们认为此次收购对他们意味着多么重要（我们强调）：</blockquote></p><p> We think the <b>industrial logic of Segment plus Twilio is just a -- it's not just a home run.It's a grand slam</b>. I think for us, having data capabilities married with communications capabilities is absolutely essential to deliver that rich customer experience. Notwithstanding the significant dilution funded from the mostly equity deal, I think investors should understand the strategic importance of having the best-of-breed CDP in its portfolio, which is crucially important to TWLO’s underlying CPaaS offering as it now confers its customers the access to real-time analytics with a unified view across disparate systems.</p><p><blockquote>我们认为<b>Segment plus Twilio 的工业逻辑只是一个——它不仅仅是一个全垒打。这是个大满贯</b>我认为对我们来说，数据能力与通信能力相结合对于提供丰富的客户体验是绝对必要的。尽管主要是股权交易提供了大幅稀释资金，但我认为投资者应该了解在其投资组合中拥有同类最佳 CDP 的战略重要性，这对 TWLO 的基础 CPaaS 产品至关重要，因为它现在可以让客户在不同的系统中以统一的视图访问实时分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bfb70f9acdfe008ff26825a2894a4c7\" tg-width=\"879\" tg-height=\"544\"><span>Level of impact of CDP on success metrics. Data source: Advertiser Perceptions; Treasure Data</span></p><p><blockquote><p class=\"t-img-caption\"><span>CDP对成功指标的影响程度。数据来源：广告商认知；宝藏数据</span></p></blockquote></p><p> We could observe from the above survey conducted with marketers across different industries on the profound impact of having a CDP in their marketing KPIs. The large majority of the respondents noted an improvement across all the metrics listed in this survey with a remarkably high percentage of the respondents (33% to 45%) indicating “significant improvement” in the respective categories.</p><p><blockquote>从上述对不同行业的营销人员进行的调查中，我们可以观察到在他们的营销KPI中设置CDP的深远影响。绝大多数受访者指出，本次调查列出的所有指标都有所改善，其中非常高比例的受访者（33% 至 45%）表示各自类别有 “显著改善”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b908f65bb3623fd3ba2b147e803f8e7\" tg-width=\"841\" tg-height=\"520\"><span>Benefits of CDP according to marketing technology decision makers. Data source: Advertiser Perceptions; UniFida</span></p><p><blockquote><p class=\"t-img-caption\"><span>营销技术决策者对CDP的好处。数据来源：广告商认知；统一</span></p></blockquote></p><p> In addition, 49% of the respondents also indicated that the CDP allowed them to unify data across multiple sources, which they regarded as the most important benefit. Twilio also highlighted the importance of this as it added that “consumers are no longer tied to just one form of communication, and they expect companies to pull together disparate interactions to deliver increasingly personalized content based on what they’re doing -- anytime, anywhere, and over their preferred channels.”</p><p><blockquote>此外，49%的受访者还表示，CDP允许他们统一多个来源的数据，他们认为这是最重要的好处。Twilio 还强调了这一点的重要性，并补充说 “消费者不再局限于一种沟通形式，他们希望公司能够将不同的互动结合起来，根据他们的工作--随时随地，通过他们喜欢的渠道--提供越来越个性化的内容”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ebc20b41946569e8afa10fb1ef39a90f\" tg-width=\"1262\" tg-height=\"768\"><span>Measures undertaken by marketers from the U.S. to counter the impact of the deprecation of third-party cookies. Data source: Epsilon; Adweek; Phronesis Partners</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国营销人员为应对弃用第三方cookies的影响而采取的措施。数据来源：Epsilon；广告周；Phronesis合作伙伴</span></p></blockquote></p><p> Moreover, with the impending deprecation of third-party cookies, marketers have been looking for ways to cushion the impact of this loss, and the majority of them (67.3%) have been building a CDP. CDPs primarily collects and use first-party data, which is really the most important sources of customer data as it offers the most accurate and actionable insights, and also the one that is least vulnerable to privacy regulations, a point that was also acknowledged by TWLO when asked whether TWLO saw any tailwind on privacy regulations due to its first-party data access, of which the company replied:</p><p><blockquote>此外，随着第三方cookies即将弃用，营销人员一直在寻找缓冲这种损失影响的方法，他们中的大多数人（67.3%）一直在建立CDP。CDPs 主要收集和使用第一方数据，这确实是客户数据最重要的来源，因为它提供了最准确、最可操作的见解，也是最不容易受到隐私法规影响的来源，TWLO 也承认了这一点当被问及 TWLO 是否由于其第一方数据访问而看到了隐私法规的任何顺风时，该公司回答道：</blockquote></p><p> 100%. I think you hit the nail on that actually and effectively answered your own question. I think they're very much on the right side of this. I mean they are very, very strong data stewards. They're kind of a privacy-first company. I think even in the EU, some of the trends in geodynamics also play in their favor. And so I do think data and data regulations is a potential tailwind for them, yes. <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34f2d9eb714512b81b6ae70b957a82d4\" tg-width=\"600\" tg-height=\"371\"><span>Share of organizations collaborating with others to share first-party data in the U.S. Data source: Winterberry Group; LiveRamp</span></p><p><blockquote>100%.我认为你切中要害，实际上有效地回答了你自己的问题。我认为他们是非常正确的。我的意思是他们是非常非常强大的数据管理者。他们是一家隐私第一的公司。我认为即使在欧盟，地球动力学的一些趋势也对他们有利。所以我确实认为数据和数据法规对他们来说是一个潜在的推动力，是的。<p class=\"t-img-caption\"><span>与他人合作共享美国第一方数据的组织份额数据来源：Winterberry Group；活放大器</span></p></blockquote></p><p></p><p> In order to further underscore the importance of first-party data, we could see that 64.3% of companies had collaborative arrangements to share first-party data while 16.7% had plans to do so. In a post-cookie world, I believe organizations would even need to be more proactive in its data gathering and analytics efforts, and having a CDP like Segment to help in this would be absolutely critical.</p><p><blockquote>为了进一步强调第一方数据的重要性，我们可以看到64.3%的公司有共享第一方数据的合作安排，而16.7%的公司有这样做的计划。在后cookie时代，我相信组织甚至需要在数据收集和分析工作中更加积极主动，拥有一个像CDP这样的部门来帮助这一点绝对至关重要。</blockquote></p><p> <b>Yes, We Know That The Company Is Still Unprofitable</b></p><p><blockquote><b>是的，我们知道公司仍然没有盈利</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3be2871e7911997921fe11150b8d0e30\" tg-width=\"1280\" tg-height=\"734\"><span>EBIT margin, SG&A margin, R&D margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率、SG&A利润率、R&D利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p> Nevertheless, investors should be reminded that TWLO has yet to turn an operating profit, even though the company has guided to a long term operating margin of 28% over time. Investors should understand that TWLO would also not be expected to turn an operating profit anytime soon as the company is still in a heavy investment mode (as seen in its high SG&A and R&D margins) as it sees a lot of opportunities to invest and also possibly acquire, where it had made a number of high profile acquisitions such as Segment, ValueFirst, Syniverse, Zipwhip among others. The company strongly emphasized this point:</p><p><blockquote>尽管如此，应该提醒投资者，尽管该公司随着时间的推移将长期营业利润率定为 28%，但 TWLO 尚未实现营业利润。投资者应该明白，预计 TWLO 也不会很快实现营业利润，因为该公司仍处于大量投资模式（从其高 SG&A 和研发利润率可以看出），因为它看到了大量投资和可能收购的机会，它已经进行了许多备受瞩目的收购，例如 Segment、ValueFirst、Syniverse、Zipwhip 等。公司强烈强调了这一点：</blockquote></p><p> But that doesn't mean that we won't be profitable, can't be profitable. I mean, we're growing at very elevated levels, certainly better than our corporate average, if you will. It's just that the rest of our business is growing really fast, right? So for it to really show up in our financials, based on our current trajectory, something else would have to slow down, which is not what we want. It's not what you want. It's not what anybody wants really, right? So I think in due course, all these things will happen. Therefore, TWLO investors are asked to demonstrate lots of patience, give time for TWLO to grow into its profitability and allow them to continue scaling up its revenue growth first. Consensus estimates see the company continuing to grow rapidly at about 44.5% YoY for FY 21 and also above 30% YoY subsequently. TWLO has also committed to grow its revenue above 30% for the next four years, so investors need to give TWLO time to deliver the goods, and this stock is therefore not for short term investors who are looking for a 2 to 3 year horizon, or a company that is prioritizing profitability over growth.</p><p><blockquote>但这并不意味着我们不会盈利，不能盈利。我的意思是，我们的发展水平非常高，如果你愿意的话，肯定比我们的公司平均水平要好。只是我们其他的业务增长真的很快，对吧？因此，根据我们目前的轨迹，为了让它真正出现在我们的财务状况中，其他事情必须放缓，这不是我们想要的。这不是你想要的。这不是任何人真正想要的，对吧？所以我认为在适当的时候，所有这些事情都会发生。因此，TWLO 投资者被要求表现出极大的耐心，给 TWLO 时间实现盈利，并允许他们首先继续扩大收入增长。普遍估计，该公司 21 财年将继续快速增长，同比增长约 44.5%，随后同比增长也将超过 30%。TWLO 还承诺在未来四年内将收入增长 30% 以上，因此投资者需要给 TWLO 时间来交付货物，因此这只股票不适合寻求 2 至 3 年期限的短期投资者，或优先考虑盈利而不是增长的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1059052c9408212d41ace9bed94cdd4a\" tg-width=\"1280\" tg-height=\"698\"><span>Revenue metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>收入指标。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <b>Valuations</b></p><p><blockquote><b>估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dbd552d195006ab4d2b5bb01567a6fdf\" tg-width=\"1280\" tg-height=\"590\"><span>SaaS EV / 2021 Rev.</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS EV/2021修订版。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77dea7178c4b94d74a75bc24aab22561\" tg-width=\"1280\" tg-height=\"701\"><span>TWLO EV / Fwd Rev. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>TWLO EV / Fwd Rev. 数据来源：S&P Capital IQ</span></p></blockquote></p><p> When we consider TWLO’s EV / FY+1 multiple of 20.6x against the SaaS median of 26.3x, it may be reasonably argued that TWLO doesn’t look expensive. It’s also important to note that TWLO is also expected to grow rapidly where we expect to see its multiple fall significantly over time (assuming its EV stays constant, which of course will unlikely to be the case if TWLO continues to deliver its high growth strategies). We are pretty sure that there are many more companies within the SaaS space that are valued at a much higher premium and yet with a slower expected revenue growth profile.</p><p><blockquote>当我们考虑到 TWLO 的 EV / FY+1 倍数为 20.6 倍，而 SaaS 的中位数为 26.3 倍时，可以合理地认为 TWLO 看起来并不昂贵。值得注意的是，TWLO 预计也将快速增长，但随着时间的推移，我们预计其倍数将大幅下降（假设其电动汽车保持稳定，如果 TWLO 继续实施其高增长战略，当然不太可能出现这种情况）。我们非常确定，SaaS领域中有更多的公司估值更高，但预期收入增长较慢。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f626c7ad165f68d36e614c8163606c2f\" tg-width=\"1280\" tg-height=\"838\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> We think that TWLO has a generally strong long term uptrend bias that was only interrupted once by the COVID-19 bear market over the last 3 years. The price recently found support along the 50W moving average at around $300 and the price has since gradually continued to recover from its recent slump.</p><p><blockquote>我们认为 TWLO 具有普遍强烈的长期上升趋势偏差，过去 3 年仅被 COVID-19 熊市中断过一次。价格最近在 50 瓦移动平均线 300 美元左右找到支撑，此后价格逐渐继续从最近的暴跌中复苏。</blockquote></p><p> Although we would prefer to add more positions near the $300 support level, we don’t think the current price level is expensive either, and think that investors may consider initiating or adding on to their positions at the current price level. They should however avoid adding near the $405 level as we believe that there should be near term resistance at that level. In addition, for investors who would prefer somewhat of a slight bargain, you may wait till the next retracement to test the 50W support again, of which a $320 level to add is also possible.</p><p><blockquote>虽然我们更倾向于在 300 美元支撑位附近加仓，但我们也不认为当前价格水平昂贵，并认为投资者可以考虑在当前价格水平开始或加仓。然而，他们应该避免在 405 美元水平附近上涨，因为我们认为该水平应该存在近期阻力。此外，对于喜欢小幅便宜货的投资者来说，您可以等到下一次回撤再次测试 50W 支撑位，其中 320 美元的水平也是可能的。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切都包起来</b></blockquote></p><p></p><p> Twilio is a very high growth stock that has made revenue growth its most important priority right now as it sees tremendous growth opportunities ahead. Investors are asked to give TWLO time to grow into its expected long term profitability as the company sets itself up to be the leading player in the cloud communications and customer engagement space for companies across multiple industries.</p><p><blockquote>Twilio 是一只非常高增长的股票，它将收入增长作为目前最重要的优先事项，因为它看到了未来巨大的增长机会。随着 TWLO 将自己定位为多个行业公司云通信和客户参与领域的领先参与者，投资者被要求给 TWLO 时间来实现其预期的长期盈利能力。</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>Twilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并实现盈利</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; 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}\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\">\nTwilio: Investors Need To Give It Time To Scale Up And Be Profitable<blockquote>Twilio：投资者需要给它时间来扩大规模并实现盈利</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">seekingalpha</strong><span class=\"h-time small\">2021-06-21 17:10</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>Twilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and it would fizzle out when reopening takes centre stage.</li> <li>Meanwhile, the company has continued to build on its strength through numerous key acquisitions, among which the Segment deal stood out as the most important.</li> <li>As a result of third-party cookies deprecation, companies would likely need Twilio even more moving forward.</li> <li>At its current valuations and its high DBNER of 133%, investors should take advantage of the recent price weakness to gain access to Twilio now.</li> </ul> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/615c999acf1acd79840514a42f3c4521\" tg-width=\"768\" tg-height=\"512\"><span>Drew Angerer/Getty Images</span></p><p><blockquote><ul><li>Twilio 被误解为只受益于 COVID-19 顺风的股票，当重新开放成为焦点时，它就会失败。</li><li>与此同时，该公司通过多项重要收购继续增强实力，其中分部交易是最重要的。</li><li>由于第三方cookies的弃用，公司可能需要Twilio更进一步。</li><li>鉴于其目前的估值和 133% 的高 DBNER，投资者现在应该利用近期价格疲软的机会购买 Twilio。</li></ul><p class=\"t-img-caption\"><span>德鲁·安格勒/盖蒂图片社</span></p></blockquote></p><p> <b>NewsInvestment Thesis</b></p><p><blockquote><b>新闻投资论文</b></blockquote></p><p> Many investors have misunderstood Twilio’s (TWLO) business model due to its unprofitability even as it delivered industry leading revenue growth metrics. While it may have yet to be EBIT profitable, the company is setting itself up to be the CPaaS leader with a top notch customer engagement platform, following its acquisition of the No.1 Customer Data Platform [CDP] in the world: Segment. Investors should understand by now that the secular tailwinds driving digitisation are not going to reverse, and therefore TWLO is in a prime position to benefit as the platform for the world on their customer engagement needs. Add on the impending deprecation of third-party cookies, companies would likely find TWLO even more important in their customer engagement efforts moving forward. At its current valuation, investors should find that TWLO may actually be valued at a discount to many of the stocks listed in the SaaS space.</p><p><blockquote>许多投资者误解了 Twilio (TWLO) 的商业模式，因为它无法盈利，尽管它实现了行业领先的收入增长指标。虽然它可能尚未实现息税前利润，但在收购了全球排名第一的客户数据平台[CDP]：Segment后，该公司正在通过一流的客户参与平台将自己打造成CPaaS领导者。投资者现在应该明白，推动数字化的长期顺风不会逆转，因此TWLO处于有利地位，作为全球客户参与需求的平台。再加上第三方cookies即将被弃用，公司可能会发现TWLO在未来的客户参与工作中更加重要。按照目前的估值，投资者应该会发现 TWLO 的估值实际上可能低于 SaaS 领域上市的许多股票。</blockquote></p><p> <b>Twilio is Not your Typical SaaS Stock</b></p><p><blockquote><b>Twilio 不是典型的 SaaS 股票</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/aec3449de8bbaa50dabd8b4343c41583\" tg-width=\"600\" tg-height=\"371\"><span>DBNER. Data source: Company filings</span></p><p><blockquote><p class=\"t-img-caption\"><span>德布纳。数据来源：公司文件</span></p></blockquote></p><p> Twilio’s value proposition as a CPaaS is unlike the typical SaaS company that makes the most of its revenue through recurring subscriptions, and increase or maintain their DBNER or DBNRR by cross-selling into other products or up-selling their customers by taking on more seats. TWLO’s revenue is mainly based on usage. Therefore the company makes more revenue when customers use its platform more, and make less when customers use it less. Therefore, because it’s based on usage we could easily determine the strength of its customers' usage simply by observing its DBNER trend.TWLO’s DBNER “increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product.”</p><p><blockquote>Twilio 作为 CPaaS 的价值主张不同于典型的 SaaS 公司，后者通过定期订阅获得大部分收入，并通过交叉销售其他产品或通过占用更多席位向客户追加销售来增加或维持其 DBNER 或 DBNRR。TWLO 的收入主要基于使用量。因此，当客户更多地使用其平台时，该公司会赚取更多收入，而当客户更少使用其平台时，该公司会赚取更少收入。因此，由于 TWLO 是基于使用量的，我们只需观察其 DBNER 趋势，就能轻松确定其客户的使用强度。TWLO 的 DBNER “当此类活跃客户账户增加产品使用量、将产品使用量扩展到新应用或采用新产品时，TWLO 的 DBNER 就会增加。当此类活跃客户账户停止或减少产品使用量，或公司降低产品使用量价格时，TWLO 以美元计算的净增长率就会下降”。</blockquote></p><p> Therefore, we could clearly observe from TWLO’s strong DBNER trend that its customers have been consistently increasing their net usage of its platform over the years, which actually already begun before COVID-19 hit. TWLO’s DBNER has been largely consistent as well and the company was also confident of achieving a normalized DBNER in the range of 130s moving forward.</p><p><blockquote>因此，我们可以从 TWLO 强劲的 DBNER 趋势中清楚地观察到，多年来，其客户对其平台的净使用量一直在不断增加，而这实际上在 COVID-19 来袭之前就已经开始了。TWLO 的 DBNER 也基本保持稳定，该公司也有信心在未来实现 130 度范围内的标准化 DBNER。</blockquote></p><p> Moreover, the company has also highlighted that it continued to see increased use cases in its platform in many industries, and in particular in telehealth, which is another market that has been wrongly perceived to be only a COVID-19 phenomenon that has no sustainability. We have previously covered in a recent article on Teladoc (TDOC) on why telehealth’s rapid growth has begun well before the pandemic hit and is still very early in its growth phase as the market is expected to grow by more than 20% CAGR over the next 10 years. Therefore the secular tailwinds that are driving digitisation across many different industries would also drive increased business to TWLO as the market’s leading cloud communications and customer engagement platform.</p><p><blockquote>此外，该公司还强调，其平台在许多行业的用例继续增加，特别是在远程医疗领域，这是另一个被错误地认为只是没有可持续性的新冠肺炎现象的市场。我们曾在 Teladoc (TDOC) 最近的一篇文章中介绍过，为什么远程医疗的快速增长早在大流行病来袭之前就已经开始了，而且仍处于增长阶段，因为预计未来 10 年市场的复合年增长率将超过 20%。因此，推动许多不同行业数字化的长期顺风也将推动 TWLO 作为市场领先的云通信和客户参与平台的业务增长。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/32ecc737bf53e45f2b6a58e0d2121279\" tg-width=\"1280\" tg-height=\"384\"><span>SaaS DBNER/DBNRR. Source: Atom Finance</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS DBNER/DBNRR。资料来源：Atom Finance</span></p></blockquote></p><p></p><p> This is especially so when we look across the SaaS space. Investors would be hard-pressed to find many companies that boast a NRR that has been consistently above 130% like TWLO (median: 120%). Another company that also uses usage-based pricing: Snowflake (SNOW) had a NRR of 168% in the latest quarter. Investors may think that these companies that adopt usage-based pricing may suffer if their customers drop off their usage rates drastically. However, TWLO and SNOW have both proven that their platforms are so sticky and offer so much value that once you are on it, you would keep using it more and more over time, and also expand usage into new products. Therefore, this usage-based pricing model has an inherently powerful booster to the company’s topline as use-cases kept increasing, something that a typical subscription-based ARR model may not be able to replicate without a usage-based model.</p><p><blockquote>当我们放眼SaaS领域时，尤其如此。投资者将很难找到许多像 TWLO（中位数：120%）那样拥有 NRR 一直高于 130% 的公司。另一家也使用基于使用的定价的公司：Snowflake (SNOW) 最近一个季度的 NRR 为 168%。投资者可能会认为，如果客户大幅降低使用率，这些采用基于使用量定价的公司可能会遭受损失。然而，TWLO和SNOW都证明了他们的平台是如此的粘性，并提供了如此多的价值，以至于一旦你在上面，随着时间的推移，你会越来越多地使用它，并将使用扩展到新产品中。因此，随着用例的不断增加，这种基于使用情况的定价模式对公司的营收有内在的强大推动作用，而如果没有基于使用情况的模式，典型的基于订阅的 ARR 模式可能无法复制这一点。</blockquote></p><p> <b>Market Truly Underestimated Segment's Acquisition</b></p><p><blockquote><b>市场真正被低估的细分市场收购</b></blockquote></p><p> In our opinion, we think the market really underplayed Segment’s acquisition for TWLO. First, Segment is the No.1 CDP worldwide ranked by IDC, so we think TWLO has done an amazing deal there. In fact, the company emphasized how important they thought the acquisition meant to them (emphasis by us):</p><p><blockquote>我们认为，市场确实低估了 Segment 对 TWLO 的收购。首先，Segment 是 IDC 排名全球第一的 CDP，因此我们认为 TWLO 在那里做了一笔惊人的交易。事实上，该公司强调了他们认为此次收购对他们意味着多么重要（我们强调）：</blockquote></p><p> We think the <b>industrial logic of Segment plus Twilio is just a -- it's not just a home run.It's a grand slam</b>. I think for us, having data capabilities married with communications capabilities is absolutely essential to deliver that rich customer experience. Notwithstanding the significant dilution funded from the mostly equity deal, I think investors should understand the strategic importance of having the best-of-breed CDP in its portfolio, which is crucially important to TWLO’s underlying CPaaS offering as it now confers its customers the access to real-time analytics with a unified view across disparate systems.</p><p><blockquote>我们认为<b>Segment plus Twilio 的工业逻辑只是一个——它不仅仅是一个全垒打。这是个大满贯</b>我认为对我们来说，数据能力与通信能力相结合对于提供丰富的客户体验是绝对必要的。尽管主要是股权交易提供了大幅稀释资金，但我认为投资者应该了解在其投资组合中拥有同类最佳 CDP 的战略重要性，这对 TWLO 的基础 CPaaS 产品至关重要，因为它现在可以让客户在不同的系统中以统一的视图访问实时分析。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/7bfb70f9acdfe008ff26825a2894a4c7\" tg-width=\"879\" tg-height=\"544\"><span>Level of impact of CDP on success metrics. Data source: Advertiser Perceptions; Treasure Data</span></p><p><blockquote><p class=\"t-img-caption\"><span>CDP对成功指标的影响程度。数据来源：广告商认知；宝藏数据</span></p></blockquote></p><p> We could observe from the above survey conducted with marketers across different industries on the profound impact of having a CDP in their marketing KPIs. The large majority of the respondents noted an improvement across all the metrics listed in this survey with a remarkably high percentage of the respondents (33% to 45%) indicating “significant improvement” in the respective categories.</p><p><blockquote>从上述对不同行业的营销人员进行的调查中，我们可以观察到在他们的营销KPI中设置CDP的深远影响。绝大多数受访者指出，本次调查列出的所有指标都有所改善，其中非常高比例的受访者（33% 至 45%）表示各自类别有 “显著改善”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/5b908f65bb3623fd3ba2b147e803f8e7\" tg-width=\"841\" tg-height=\"520\"><span>Benefits of CDP according to marketing technology decision makers. Data source: Advertiser Perceptions; UniFida</span></p><p><blockquote><p class=\"t-img-caption\"><span>营销技术决策者对CDP的好处。数据来源：广告商认知；统一</span></p></blockquote></p><p> In addition, 49% of the respondents also indicated that the CDP allowed them to unify data across multiple sources, which they regarded as the most important benefit. Twilio also highlighted the importance of this as it added that “consumers are no longer tied to just one form of communication, and they expect companies to pull together disparate interactions to deliver increasingly personalized content based on what they’re doing -- anytime, anywhere, and over their preferred channels.”</p><p><blockquote>此外，49%的受访者还表示，CDP允许他们统一多个来源的数据，他们认为这是最重要的好处。Twilio 还强调了这一点的重要性，并补充说 “消费者不再局限于一种沟通形式，他们希望公司能够将不同的互动结合起来，根据他们的工作--随时随地，通过他们喜欢的渠道--提供越来越个性化的内容”。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/ebc20b41946569e8afa10fb1ef39a90f\" tg-width=\"1262\" tg-height=\"768\"><span>Measures undertaken by marketers from the U.S. to counter the impact of the deprecation of third-party cookies. Data source: Epsilon; Adweek; Phronesis Partners</span></p><p><blockquote><p class=\"t-img-caption\"><span>美国营销人员为应对弃用第三方cookies的影响而采取的措施。数据来源：Epsilon；广告周；Phronesis合作伙伴</span></p></blockquote></p><p> Moreover, with the impending deprecation of third-party cookies, marketers have been looking for ways to cushion the impact of this loss, and the majority of them (67.3%) have been building a CDP. CDPs primarily collects and use first-party data, which is really the most important sources of customer data as it offers the most accurate and actionable insights, and also the one that is least vulnerable to privacy regulations, a point that was also acknowledged by TWLO when asked whether TWLO saw any tailwind on privacy regulations due to its first-party data access, of which the company replied:</p><p><blockquote>此外，随着第三方cookies即将弃用，营销人员一直在寻找缓冲这种损失影响的方法，他们中的大多数人（67.3%）一直在建立CDP。CDPs 主要收集和使用第一方数据，这确实是客户数据最重要的来源，因为它提供了最准确、最可操作的见解，也是最不容易受到隐私法规影响的来源，TWLO 也承认了这一点当被问及 TWLO 是否由于其第一方数据访问而看到了隐私法规的任何顺风时，该公司回答道：</blockquote></p><p> 100%. I think you hit the nail on that actually and effectively answered your own question. I think they're very much on the right side of this. I mean they are very, very strong data stewards. They're kind of a privacy-first company. I think even in the EU, some of the trends in geodynamics also play in their favor. And so I do think data and data regulations is a potential tailwind for them, yes. <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/34f2d9eb714512b81b6ae70b957a82d4\" tg-width=\"600\" tg-height=\"371\"><span>Share of organizations collaborating with others to share first-party data in the U.S. Data source: Winterberry Group; LiveRamp</span></p><p><blockquote>100%.我认为你切中要害，实际上有效地回答了你自己的问题。我认为他们是非常正确的。我的意思是他们是非常非常强大的数据管理者。他们是一家隐私第一的公司。我认为即使在欧盟，地球动力学的一些趋势也对他们有利。所以我确实认为数据和数据法规对他们来说是一个潜在的推动力，是的。<p class=\"t-img-caption\"><span>与他人合作共享美国第一方数据的组织份额数据来源：Winterberry Group；活放大器</span></p></blockquote></p><p></p><p> In order to further underscore the importance of first-party data, we could see that 64.3% of companies had collaborative arrangements to share first-party data while 16.7% had plans to do so. In a post-cookie world, I believe organizations would even need to be more proactive in its data gathering and analytics efforts, and having a CDP like Segment to help in this would be absolutely critical.</p><p><blockquote>为了进一步强调第一方数据的重要性，我们可以看到64.3%的公司有共享第一方数据的合作安排，而16.7%的公司有这样做的计划。在后cookie时代，我相信组织甚至需要在数据收集和分析工作中更加积极主动，拥有一个像CDP这样的部门来帮助这一点绝对至关重要。</blockquote></p><p> <b>Yes, We Know That The Company Is Still Unprofitable</b></p><p><blockquote><b>是的，我们知道公司仍然没有盈利</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3be2871e7911997921fe11150b8d0e30\" tg-width=\"1280\" tg-height=\"734\"><span>EBIT margin, SG&A margin, R&D margin. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>息税前利润率、SG&A利润率、R&D利润率。数据来源：S&P Capital IQ</span></p></blockquote></p><p> Nevertheless, investors should be reminded that TWLO has yet to turn an operating profit, even though the company has guided to a long term operating margin of 28% over time. Investors should understand that TWLO would also not be expected to turn an operating profit anytime soon as the company is still in a heavy investment mode (as seen in its high SG&A and R&D margins) as it sees a lot of opportunities to invest and also possibly acquire, where it had made a number of high profile acquisitions such as Segment, ValueFirst, Syniverse, Zipwhip among others. The company strongly emphasized this point:</p><p><blockquote>尽管如此，应该提醒投资者，尽管该公司随着时间的推移将长期营业利润率定为 28%，但 TWLO 尚未实现营业利润。投资者应该明白，预计 TWLO 也不会很快实现营业利润，因为该公司仍处于大量投资模式（从其高 SG&A 和研发利润率可以看出），因为它看到了大量投资和可能收购的机会，它已经进行了许多备受瞩目的收购，例如 Segment、ValueFirst、Syniverse、Zipwhip 等。公司强烈强调了这一点：</blockquote></p><p> But that doesn't mean that we won't be profitable, can't be profitable. I mean, we're growing at very elevated levels, certainly better than our corporate average, if you will. It's just that the rest of our business is growing really fast, right? So for it to really show up in our financials, based on our current trajectory, something else would have to slow down, which is not what we want. It's not what you want. It's not what anybody wants really, right? So I think in due course, all these things will happen. Therefore, TWLO investors are asked to demonstrate lots of patience, give time for TWLO to grow into its profitability and allow them to continue scaling up its revenue growth first. Consensus estimates see the company continuing to grow rapidly at about 44.5% YoY for FY 21 and also above 30% YoY subsequently. TWLO has also committed to grow its revenue above 30% for the next four years, so investors need to give TWLO time to deliver the goods, and this stock is therefore not for short term investors who are looking for a 2 to 3 year horizon, or a company that is prioritizing profitability over growth.</p><p><blockquote>但这并不意味着我们不会盈利，不能盈利。我的意思是，我们的发展水平非常高，如果你愿意的话，肯定比我们的公司平均水平要好。只是我们其他的业务增长真的很快，对吧？因此，根据我们目前的轨迹，为了让它真正出现在我们的财务状况中，其他事情必须放缓，这不是我们想要的。这不是你想要的。这不是任何人真正想要的，对吧？所以我认为在适当的时候，所有这些事情都会发生。因此，TWLO 投资者被要求表现出极大的耐心，给 TWLO 时间实现盈利，并允许他们首先继续扩大收入增长。普遍估计，该公司 21 财年将继续快速增长，同比增长约 44.5%，随后同比增长也将超过 30%。TWLO 还承诺在未来四年内将收入增长 30% 以上，因此投资者需要给 TWLO 时间来交付货物，因此这只股票不适合寻求 2 至 3 年期限的短期投资者，或优先考虑盈利而不是增长的公司。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1059052c9408212d41ace9bed94cdd4a\" tg-width=\"1280\" tg-height=\"698\"><span>Revenue metrics. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>收入指标。数据来源：S&P Capital IQ</span></p></blockquote></p><p> <b>Valuations</b></p><p><blockquote><b>估值</b></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/dbd552d195006ab4d2b5bb01567a6fdf\" tg-width=\"1280\" tg-height=\"590\"><span>SaaS EV / 2021 Rev.</span></p><p><blockquote><p class=\"t-img-caption\"><span>SaaS EV/2021修订版。</span></p></blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/77dea7178c4b94d74a75bc24aab22561\" tg-width=\"1280\" tg-height=\"701\"><span>TWLO EV / Fwd Rev. Data source: S&P Capital IQ</span></p><p><blockquote><p class=\"t-img-caption\"><span>TWLO EV / Fwd Rev. 数据来源：S&P Capital IQ</span></p></blockquote></p><p> When we consider TWLO’s EV / FY+1 multiple of 20.6x against the SaaS median of 26.3x, it may be reasonably argued that TWLO doesn’t look expensive. It’s also important to note that TWLO is also expected to grow rapidly where we expect to see its multiple fall significantly over time (assuming its EV stays constant, which of course will unlikely to be the case if TWLO continues to deliver its high growth strategies). We are pretty sure that there are many more companies within the SaaS space that are valued at a much higher premium and yet with a slower expected revenue growth profile.</p><p><blockquote>当我们考虑到 TWLO 的 EV / FY+1 倍数为 20.6 倍，而 SaaS 的中位数为 26.3 倍时，可以合理地认为 TWLO 看起来并不昂贵。值得注意的是，TWLO 预计也将快速增长，但随着时间的推移，我们预计其倍数将大幅下降（假设其电动汽车保持稳定，如果 TWLO 继续实施其高增长战略，当然不太可能出现这种情况）。我们非常确定，SaaS领域中有更多的公司估值更高，但预期收入增长较慢。</blockquote></p><p> <b>Price Action and Technical Analysis</b></p><p><blockquote><b>价格行为和技术分析</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/f626c7ad165f68d36e614c8163606c2f\" tg-width=\"1280\" tg-height=\"838\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p> We think that TWLO has a generally strong long term uptrend bias that was only interrupted once by the COVID-19 bear market over the last 3 years. The price recently found support along the 50W moving average at around $300 and the price has since gradually continued to recover from its recent slump.</p><p><blockquote>我们认为 TWLO 具有普遍强烈的长期上升趋势偏差，过去 3 年仅被 COVID-19 熊市中断过一次。价格最近在 50 瓦移动平均线 300 美元左右找到支撑，此后价格逐渐继续从最近的暴跌中复苏。</blockquote></p><p> Although we would prefer to add more positions near the $300 support level, we don’t think the current price level is expensive either, and think that investors may consider initiating or adding on to their positions at the current price level. They should however avoid adding near the $405 level as we believe that there should be near term resistance at that level. In addition, for investors who would prefer somewhat of a slight bargain, you may wait till the next retracement to test the 50W support again, of which a $320 level to add is also possible.</p><p><blockquote>虽然我们更倾向于在 300 美元支撑位附近加仓，但我们也不认为当前价格水平昂贵，并认为投资者可以考虑在当前价格水平开始或加仓。然而，他们应该避免在 405 美元水平附近上涨，因为我们认为该水平应该存在近期阻力。此外，对于喜欢小幅便宜货的投资者来说，您可以等到下一次回撤再次测试 50W 支撑位，其中 320 美元的水平也是可能的。</blockquote></p><p> <b>Wrapping It All Up</b></p><p><blockquote><b>把这一切都包起来</b></blockquote></p><p></p><p> Twilio is a very high growth stock that has made revenue growth its most important priority right now as it sees tremendous growth opportunities ahead. Investors are asked to give TWLO time to grow into its expected long term profitability as the company sets itself up to be the leading player in the cloud communications and customer engagement space for companies across multiple industries.</p><p><blockquote>Twilio 是一只非常高增长的股票，它将收入增长作为目前最重要的优先事项，因为它看到了未来巨大的增长机会。随着 TWLO 将自己定位为多个行业公司云通信和客户参与领域的领先参与者，投资者被要求给 TWLO 时间来实现其预期的长期盈利能力。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://seekingalpha.com/article/4435794-twilio-investors-need-give-time-for-scale-up-and-profitable\">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":{"TWLO":"Twilio Inc"},"source_url":"https://seekingalpha.com/article/4435794-twilio-investors-need-give-time-for-scale-up-and-profitable","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1107200738","content_text":"Summary\n\nTwilio has been misunderstood as a stock that benefited only from the COVID-19 tailwind and it would fizzle out when reopening takes centre stage.\nMeanwhile, the company has continued to build on its strength through numerous key acquisitions, among which the Segment deal stood out as the most important.\nAs a result of third-party cookies deprecation, companies would likely need Twilio even more moving forward.\nAt its current valuations and its high DBNER of 133%, investors should take advantage of the recent price weakness to gain access to Twilio now.\n\nDrew Angerer/Getty Images\nNewsInvestment Thesis\nMany investors have misunderstood Twilio’s (TWLO) business model due to its unprofitability even as it delivered industry leading revenue growth metrics. While it may have yet to be EBIT profitable, the company is setting itself up to be the CPaaS leader with a top notch customer engagement platform, following its acquisition of the No.1 Customer Data Platform [CDP] in the world: Segment. Investors should understand by now that the secular tailwinds driving digitisation are not going to reverse, and therefore TWLO is in a prime position to benefit as the platform for the world on their customer engagement needs. Add on the impending deprecation of third-party cookies, companies would likely find TWLO even more important in their customer engagement efforts moving forward. At its current valuation, investors should find that TWLO may actually be valued at a discount to many of the stocks listed in the SaaS space.\nTwilio is Not your Typical SaaS Stock\nDBNER. Data source: Company filings\nTwilio’s value proposition as a CPaaS is unlike the typical SaaS company that makes the most of its revenue through recurring subscriptions, and increase or maintain their DBNER or DBNRR by cross-selling into other products or up-selling their customers by taking on more seats. TWLO’s revenue is mainly based on usage. Therefore the company makes more revenue when customers use its platform more, and make less when customers use it less. Therefore, because it’s based on usage we could easily determine the strength of its customers' usage simply by observing its DBNER trend.TWLO’s DBNER “increases when such Active Customer Accounts increase their usage of a product, extend their usage of a product to new applications or adopt a new product. Twilio’s Dollar-Based Net Expansion Rate decreases when such Active Customer Accounts cease or reduce their usage of a product or when the Company lowers usage prices on a product.”\nTherefore, we could clearly observe from TWLO’s strong DBNER trend that its customers have been consistently increasing their net usage of its platform over the years, which actually already begun before COVID-19 hit. TWLO’s DBNER has been largely consistent as well and the company was also confident of achieving a normalized DBNER in the range of 130s moving forward.\nMoreover, the company has also highlighted that it continued to see increased use cases in its platform in many industries, and in particular in telehealth, which is another market that has been wrongly perceived to be only a COVID-19 phenomenon that has no sustainability. We have previously covered in a recent article on Teladoc (TDOC) on why telehealth’s rapid growth has begun well before the pandemic hit and is still very early in its growth phase as the market is expected to grow by more than 20% CAGR over the next 10 years. Therefore the secular tailwinds that are driving digitisation across many different industries would also drive increased business to TWLO as the market’s leading cloud communications and customer engagement platform.\nSaaS DBNER/DBNRR. Source: Atom Finance\nThis is especially so when we look across the SaaS space. Investors would be hard-pressed to find many companies that boast a NRR that has been consistently above 130% like TWLO (median: 120%). Another company that also uses usage-based pricing: Snowflake (SNOW) had a NRR of 168% in the latest quarter. Investors may think that these companies that adopt usage-based pricing may suffer if their customers drop off their usage rates drastically. However, TWLO and SNOW have both proven that their platforms are so sticky and offer so much value that once you are on it, you would keep using it more and more over time, and also expand usage into new products. Therefore, this usage-based pricing model has an inherently powerful booster to the company’s topline as use-cases kept increasing, something that a typical subscription-based ARR model may not be able to replicate without a usage-based model.\nMarket Truly Underestimated Segment's Acquisition\nIn our opinion, we think the market really underplayed Segment’s acquisition for TWLO. First, Segment is the No.1 CDP worldwide ranked by IDC, so we think TWLO has done an amazing deal there. In fact, the company emphasized how important they thought the acquisition meant to them (emphasis by us):\n\n We think the \n industrial logic of Segment plus Twilio is just a -- it's not just a home run.It's a grand slam. I think for us, having data capabilities married with communications capabilities is absolutely essential to deliver that rich customer experience.\n\nNotwithstanding the significant dilution funded from the mostly equity deal, I think investors should understand the strategic importance of having the best-of-breed CDP in its portfolio, which is crucially important to TWLO’s underlying CPaaS offering as it now confers its customers the access to real-time analytics with a unified view across disparate systems.\nLevel of impact of CDP on success metrics. Data source: Advertiser Perceptions; Treasure Data\nWe could observe from the above survey conducted with marketers across different industries on the profound impact of having a CDP in their marketing KPIs. The large majority of the respondents noted an improvement across all the metrics listed in this survey with a remarkably high percentage of the respondents (33% to 45%) indicating “significant improvement” in the respective categories.\nBenefits of CDP according to marketing technology decision makers. Data source: Advertiser Perceptions; UniFida\nIn addition, 49% of the respondents also indicated that the CDP allowed them to unify data across multiple sources, which they regarded as the most important benefit. Twilio also highlighted the importance of this as it added that “consumers are no longer tied to just one form of communication, and they expect companies to pull together disparate interactions to deliver increasingly personalized content based on what they’re doing -- anytime, anywhere, and over their preferred channels.”\nMeasures undertaken by marketers from the U.S. to counter the impact of the deprecation of third-party cookies. Data source: Epsilon; Adweek; Phronesis Partners\nMoreover, with the impending deprecation of third-party cookies, marketers have been looking for ways to cushion the impact of this loss, and the majority of them (67.3%) have been building a CDP. CDPs primarily collects and use first-party data, which is really the most important sources of customer data as it offers the most accurate and actionable insights, and also the one that is least vulnerable to privacy regulations, a point that was also acknowledged by TWLO when asked whether TWLO saw any tailwind on privacy regulations due to its first-party data access, of which the company replied:\n\n 100%. I think you hit the nail on that actually and effectively answered your own question. I think they're very much on the right side of this. I mean they are very, very strong data stewards. They're kind of a privacy-first company. I think even in the EU, some of the trends in geodynamics also play in their favor. And so I do think data and data regulations is a potential tailwind for them, yes.\n\nShare of organizations collaborating with others to share first-party data in the U.S. Data source: Winterberry Group; LiveRamp\nIn order to further underscore the importance of first-party data, we could see that 64.3% of companies had collaborative arrangements to share first-party data while 16.7% had plans to do so. In a post-cookie world, I believe organizations would even need to be more proactive in its data gathering and analytics efforts, and having a CDP like Segment to help in this would be absolutely critical.\nYes, We Know That The Company Is Still Unprofitable\nEBIT margin, SG&A margin, R&D margin. Data source: S&P Capital IQ\nNevertheless, investors should be reminded that TWLO has yet to turn an operating profit, even though the company has guided to a long term operating margin of 28% over time. Investors should understand that TWLO would also not be expected to turn an operating profit anytime soon as the company is still in a heavy investment mode (as seen in its high SG&A and R&D margins) as it sees a lot of opportunities to invest and also possibly acquire, where it had made a number of high profile acquisitions such as Segment, ValueFirst, Syniverse, Zipwhip among others. The company strongly emphasized this point:\n\n But that doesn't mean that we won't be profitable, can't be profitable. I mean, we're growing at very elevated levels, certainly better than our corporate average, if you will. It's just that the rest of our business is growing really fast, right? So for it to really show up in our financials, based on our current trajectory, something else would have to slow down, which is not what we want. It's not what you want. It's not what anybody wants really, right? So I think in due course, all these things will happen.\n\nTherefore, TWLO investors are asked to demonstrate lots of patience, give time for TWLO to grow into its profitability and allow them to continue scaling up its revenue growth first. Consensus estimates see the company continuing to grow rapidly at about 44.5% YoY for FY 21 and also above 30% YoY subsequently. TWLO has also committed to grow its revenue above 30% for the next four years, so investors need to give TWLO time to deliver the goods, and this stock is therefore not for short term investors who are looking for a 2 to 3 year horizon, or a company that is prioritizing profitability over growth.\nRevenue metrics. Data source: S&P Capital IQ\nValuations\nSaaS EV / 2021 Rev.\nTWLO EV / Fwd Rev. Data source: S&P Capital IQ\nWhen we consider TWLO’s EV / FY+1 multiple of 20.6x against the SaaS median of 26.3x, it may be reasonably argued that TWLO doesn’t look expensive. It’s also important to note that TWLO is also expected to grow rapidly where we expect to see its multiple fall significantly over time (assuming its EV stays constant, which of course will unlikely to be the case if TWLO continues to deliver its high growth strategies). We are pretty sure that there are many more companies within the SaaS space that are valued at a much higher premium and yet with a slower expected revenue growth profile.\nPrice Action and Technical Analysis\n\nWe think that TWLO has a generally strong long term uptrend bias that was only interrupted once by the COVID-19 bear market over the last 3 years. The price recently found support along the 50W moving average at around $300 and the price has since gradually continued to recover from its recent slump.\nAlthough we would prefer to add more positions near the $300 support level, we don’t think the current price level is expensive either, and think that investors may consider initiating or adding on to their positions at the current price level. They should however avoid adding near the $405 level as we believe that there should be near term resistance at that level. In addition, for investors who would prefer somewhat of a slight bargain, you may wait till the next retracement to test the 50W support again, of which a $320 level to add is also possible.\nWrapping It All Up\nTwilio is a very high growth stock that has made revenue growth its most important priority right now as it sees tremendous growth opportunities ahead. 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Perhaps the bigger surprise is the stock you might expect them to both own that they don't. Let's take a look at the two companies in question and what these successful investors must see.</p><p><blockquote>人们可能会惊讶地发现，两位持有几乎相反方法的投资者——一位投资于大型、廉价、标志性公司，另一位则因她对“高估”股票的异常乐观（且准确）预测而声名鹊起——他们的投资组合中将有同一家公司。也许更大的惊喜是你可能期望他们都拥有但他们没有的股票。让我们来看看这两家公司，以及这些成功的投资者必须看到什么。</blockquote></p><p><b>The surprising stock they both own</b></p><p><blockquote><b>他们都拥有令人惊讶的股票</b></blockquote></p><p>First, it's doubtful that Warren Buffett actually bought<b>Snowflake</b>(NYSE:SNOW), the cloud data warehouse-as-a-service company. In recent years, lieutenants Todd Combs and Ted Weschler have been making more of the investment decisions, and the $750 million in stock<b>BerkshireHathaway</b>(NYSE:BRK.A)(NYSE:BRK.B)purchased before theinitial public offering (IPO)certainly doesn't match the investment style of the legendary nonagenarian. In fact, Buffett hasn't bought an IPO since<b>Ford</b> in 1956. The company does fit the style of Cathie Wood at ARK Invest, a global asset management company focused on disruptive innovation. That said, Snowflake is putting up numbers that would get any investor's attention.</p><p><blockquote>首先，沃伦·巴菲特是否真的购买了股票值得怀疑<b>雪花</b>（纽约证券交易所代码：SNOW），云数据仓库即服务公司。近年来，托德·库姆斯中尉和特德·韦施勒中尉做出了更多的投资决策，以及价值 7.5 亿美元的股票<b>伯克希尔哈撒韦公司</b>（纽约证券交易所股票代码：BRK.A）（纽约证券交易所股票代码：BRK.B）在首次公开募股（IPO）之前购买的当然不符合这位传奇九十多岁老人的投资风格。事实上，巴菲特自那以后就再也没有买过 IPO<b>福特</b>1956年。该公司确实符合 ARK Invest 的凯西·伍德 (Cathie Wood) 的风格，ARK Invest 是一家专注于颠覆性创新的全球资产管理公司。也就是说，Snowflake 公布的数据会引起任何投资者的注意。</blockquote></p><p>The company recently reported its full fiscal year earnings, and the growth was jaw-dropping. Fourth-quarter revenue of $178 million was up 116% year over year. Topping that, remaining performance obligations, what customers have signed on to buy, was up 213% over the same point last year. The company has 77 customers that spend more than $1 million per year. That number is up from 65 just three months earlier. Management is projecting between 92% and 96% revenue growth for the current year. Snowflake posted an operating margin of negative 92%. Losing money never sounds good, but that is closer to profitability than the negative 135% for the year ending January 2020 or the negative 192% in 2019. If the company really wanted to turn a profit it could just curb its spending on sales and marketing.</p><p><blockquote>该公司最近公布了整个财年的收益，增长令人瞠目结舌。第四季度收入为 1.78 亿美元，同比增长 116%。最重要的是，客户签约购买的剩余履约义务比去年同期增长了 213%。该公司有77家每年消费超过100万美元的客户。这个数字高于三个月前的 65 个。管理层预计本年度收入增长 92% 至 96%。雪花公布的营业利润率为负92%。亏损听起来从来都不是好事，但这比截至2020年1月的负135%或2019年的负192%更接近盈利。如果该公司真的想盈利，它可以限制销售和营销支出。</blockquote></p><p>It may not be a typical Buffett stock, but Snowflake definitely fits the mold of Wood's investments. The ARK founder has become synonymous with innovation, building a portfolio around futuristic themes such as genomics, space exploration, mobility-as-a-service, and the next-generation internet. It's the last theme, encompassing artificial intelligence and cloud computing, where Snowflake fits. The company's pay-as-you-consume, real-time access to data and analytical tools is a giant leap forward compared to the slow, bogged-down daily or weekly updates companies have long come to accept with managing their internal data warehouses.</p><p><blockquote>它可能不是典型的巴菲特股票，但雪花绝对符合伍德的投资模式。方舟创始人已经成为创新的代名词，围绕基因组学、太空探索、移动即服务和下一代互联网等未来主题建立了一个产品组合。这是雪花适合的最后一个主题，包括人工智能和云计算。与公司长期以来在管理内部数据仓库时接受的缓慢、停滞不前的每日或每周更新相比，该公司的按需付费、实时访问数据和分析工具是一个巨大的飞跃。</blockquote></p><p>Another stock in ARK's portfolio touches both the data-related and genomic revolution strategy. Based on his other holdings, it's actually surprising Buffett doesn't own it too.</p><p><blockquote>ARK 投资组合中的另一只股票涉及数据相关和基因组革命战略。根据他的其他持股，巴菲特并不拥有它实际上令人惊讶。</blockquote></p><p><b>The surprising stock they don't both own</b></p><p><blockquote><b>他们都不拥有的令人惊讶的股票</b></blockquote></p><p>The Oracle of Omaha has been buying up the stocks of pharmaceutical companies in the past year. In the third quarter of 2020 he added shares of<b>Pfizer</b>(NYSE:PFE),<b>AbbVie</b>(NYSE:ABBV),<b>Merck</b>(NYSE:MRK), and<b>BristolMyersSquibb</b>(NYSE:BMY). Every member of that group gives investors between 3% and 5% in dividends annually. Other than Bristol Myers, they all hover around a $200 billion market cap as well, and Bristol Myers is nearly as large at $136 billion. Similarly,<b>Novartis</b>(NYSE:NVS)is a $211 billion company yielding 3.8%. Perhaps the reason Buffett hasn't bought this big pharma stock is that it is a Swiss company. It turns out, Buffett favors American brands in food, cola, and apparently drugmakers.</p><p><blockquote>奥马哈先知在过去的一年里一直在买入制药公司的股票。2020年第三季度，他增持了<b>辉瑞</b>（纽约证券交易所代码：PFE），<b>艾伯维</b>（纽约证券交易所代码：ABBV），<b>默克</b>（纽约证券交易所代码：MRK），以及<b>百时美施贵宝</b>（纽约证券交易所代码：BMY）。该集团的每个成员每年向投资者支付 3% 至 5% 的股息。除了百时美尔斯之外，它们的市值也都徘徊在 2000 亿美元左右，百时美尔斯的市值几乎相同，为 1360 亿美元。同样，<b>诺华</b>（纽约证券交易所股票代码：NVS）是一家市值 2110 亿美元的公司，收益率为 3.8%。也许巴菲特没有买入这只大型制药股票的原因是它是一家瑞士公司。事实证明，巴菲特青睐美国食品品牌、可乐，显然还有制药商。</blockquote></p><p>Novartis did catch the eye of Wood, thanks to its work toward developing a leading digital and data science platform for drug discovery. Although it isn't a pure play on any of ARK's strategies, Wood considers it a deep value pick, to be held through a bull market and then sold in times of volatility to add to higher-conviction growth names that get beaten down.</p><p><blockquote>诺华确实引起了伍德的注意，这要归功于其致力于开发领先的药物发现数字和数据科学平台。尽管这并不是对 ARK 任何策略的纯粹玩法，但伍德认为这是一个具有深度价值的选择，可以在牛市中持有，然后在波动时期出售，以增加那些被击败的信念更高的成长型股票。</blockquote></p><p><b>Portfolio juxtaposition</b></p><p><blockquote><b>组合并置</b></blockquote></p><p>It may be counterintuitive for an investor who prides himself on unemotional investing to buy into one of the hottest IPOs of last year, but once Snowflake started trading, the investment doubled almost immediately. Similarly, few would think someone famous for a $4,000 price target on<b>Tesla</b>and presentations that literally map out the future of entire industries would own a nearly 4% dividend paying pharmaceutical company with no growth. However, there is a great lesson in these examples.</p><p><blockquote>对于一个以不带感情的投资为荣的投资者来说，购买去年最热门的 IPO 之一可能是违反直觉的，但一旦 Snowflake 开始交易，投资几乎立即翻了一番。同样，很少有人会认为有人以 4,000 美元的目标价而闻名<b>特斯拉</b>从字面上描绘整个行业未来的演示文稿将拥有一家支付近 4% 股息但没有增长的制药公司。然而，这些例子中有一个很好的教训。</blockquote></p><p></p><p>Don't settle for the labels Wall Street places on companies or investors. Value and growth are just words. Investors may have tendencies that define them in the public eye, but that oversimplification may obscure the characteristics that draw their interest in an investment. Although Buffett likely didn't buy shares of Snowflake, it may have been the customer loyalty, leadership team, and consistent march toward profitability that made Combs or Weschler comfortable buying Snowflake shares. Wood may have a lot of fast-growing companies that don't make a profit, but it's the innovation that compels her to invest, not just growth rate. In the case of Novartis, innovation came in the form of a mega-cap pharmaceutical company.</p><p><blockquote>不要满足于华尔街给公司或投资者贴上的标签。价值和增长只是文字。投资者可能有在公众眼中定义他们的倾向，但这种过度简化可能会掩盖吸引他们对投资兴趣的特征。尽管巴菲特可能没有购买 Snowflake 的股票，但可能是客户忠诚度、领导团队以及持续的盈利能力让库姆斯或韦施勒对购买 Snowflake 股票感到满意。伍德可能有很多快速增长的公司没有盈利，但迫使她投资的是创新，而不仅仅是增长率。就诺华而言，创新是以大型制药公司的形式出现的。</blockquote></p><p>Instead of focusing on the labels Wall Street slaps on a company or following Warren Buffett or Cathie Wood into the stock, try to identify the characteristics of the business that they find compelling. Try approaching the company as if you were going to inherit it, learning how dedicated customers are, where money gets spent to attract new ones, or what advantages it has over competitors. These answers will lead to a more informed investment decision and better outcomes over time.</p><p><blockquote>不要关注华尔街给一家公司贴上的标签，也不要追随沃伦·巴菲特或凯西·伍德的股票，而是尝试找出他们认为引人注目的业务特征。尝试像要继承公司一样接近它，了解客户有多忠诚，资金花在哪里来吸引新客户，或者它相对于竞争对手有什么优势。随着时间的推移，这些答案将导致更明智的投资决策和更好的结果。</blockquote></p><p>It turns out, both Snowflake and Novartis are compelling to different types of investors for a variety of reasons. Exploring those reasons can teach us a lot more about investing than focusing solely on who owns them. The more we know about a company, the easier it is to figure out whether the nextsell-off is something to fear or a great opportunity.</p><p><blockquote>事实证明，由于各种原因，雪花和诺华都对不同类型的投资者具有吸引力。探索这些原因可以教会我们更多关于投资的知识，而不仅仅是关注谁拥有它们。我们对一家公司了解得越多，就越容易弄清楚下一次抛售是令人恐惧的事情还是一个绝佳的机会。</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>1 Stock Warren Buffett and Cathie Wood Have in Common and 1 They Should<blockquote>沃伦·巴菲特和凯西·伍德拥有 1 只共同点，以及他们应该拥有的 1 只股票</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\">\n1 Stock Warren Buffett and Cathie Wood Have in Common and 1 They Should<blockquote>沃伦·巴菲特和凯西·伍德拥有 1 只共同点，以及他们应该拥有的 1 只股票</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Motley Fool</strong><span class=\"h-time small\">2021-03-19 21:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>It might be a surprise to find out that two investors with virtually opposite approaches -- one who invests in large, cheap, iconic companies and the other who rose to fame on the heels of her outlandishly bullish (and accurate) predictions about \"overvalued\" stocks -- would have the same company in their portfolios. Perhaps the bigger surprise is the stock you might expect them to both own that they don't. Let's take a look at the two companies in question and what these successful investors must see.</p><p><blockquote>人们可能会惊讶地发现，两位持有几乎相反方法的投资者——一位投资于大型、廉价、标志性公司，另一位则因她对“高估”股票的异常乐观（且准确）预测而声名鹊起——他们的投资组合中将有同一家公司。也许更大的惊喜是你可能期望他们都拥有但他们没有的股票。让我们来看看这两家公司，以及这些成功的投资者必须看到什么。</blockquote></p><p><b>The surprising stock they both own</b></p><p><blockquote><b>他们都拥有令人惊讶的股票</b></blockquote></p><p>First, it's doubtful that Warren Buffett actually bought<b>Snowflake</b>(NYSE:SNOW), the cloud data warehouse-as-a-service company. In recent years, lieutenants Todd Combs and Ted Weschler have been making more of the investment decisions, and the $750 million in stock<b>BerkshireHathaway</b>(NYSE:BRK.A)(NYSE:BRK.B)purchased before theinitial public offering (IPO)certainly doesn't match the investment style of the legendary nonagenarian. In fact, Buffett hasn't bought an IPO since<b>Ford</b> in 1956. The company does fit the style of Cathie Wood at ARK Invest, a global asset management company focused on disruptive innovation. That said, Snowflake is putting up numbers that would get any investor's attention.</p><p><blockquote>首先，沃伦·巴菲特是否真的购买了股票值得怀疑<b>雪花</b>（纽约证券交易所代码：SNOW），云数据仓库即服务公司。近年来，托德·库姆斯中尉和特德·韦施勒中尉做出了更多的投资决策，以及价值 7.5 亿美元的股票<b>伯克希尔哈撒韦公司</b>（纽约证券交易所股票代码：BRK.A）（纽约证券交易所股票代码：BRK.B）在首次公开募股（IPO）之前购买的当然不符合这位传奇九十多岁老人的投资风格。事实上，巴菲特自那以后就再也没有买过 IPO<b>福特</b>1956年。该公司确实符合 ARK Invest 的凯西·伍德 (Cathie Wood) 的风格，ARK Invest 是一家专注于颠覆性创新的全球资产管理公司。也就是说，Snowflake 公布的数据会引起任何投资者的注意。</blockquote></p><p>The company recently reported its full fiscal year earnings, and the growth was jaw-dropping. Fourth-quarter revenue of $178 million was up 116% year over year. Topping that, remaining performance obligations, what customers have signed on to buy, was up 213% over the same point last year. The company has 77 customers that spend more than $1 million per year. That number is up from 65 just three months earlier. Management is projecting between 92% and 96% revenue growth for the current year. Snowflake posted an operating margin of negative 92%. Losing money never sounds good, but that is closer to profitability than the negative 135% for the year ending January 2020 or the negative 192% in 2019. If the company really wanted to turn a profit it could just curb its spending on sales and marketing.</p><p><blockquote>该公司最近公布了整个财年的收益，增长令人瞠目结舌。第四季度收入为 1.78 亿美元，同比增长 116%。最重要的是，客户签约购买的剩余履约义务比去年同期增长了 213%。该公司有77家每年消费超过100万美元的客户。这个数字高于三个月前的 65 个。管理层预计本年度收入增长 92% 至 96%。雪花公布的营业利润率为负92%。亏损听起来从来都不是好事，但这比截至2020年1月的负135%或2019年的负192%更接近盈利。如果该公司真的想盈利，它可以限制销售和营销支出。</blockquote></p><p>It may not be a typical Buffett stock, but Snowflake definitely fits the mold of Wood's investments. The ARK founder has become synonymous with innovation, building a portfolio around futuristic themes such as genomics, space exploration, mobility-as-a-service, and the next-generation internet. It's the last theme, encompassing artificial intelligence and cloud computing, where Snowflake fits. The company's pay-as-you-consume, real-time access to data and analytical tools is a giant leap forward compared to the slow, bogged-down daily or weekly updates companies have long come to accept with managing their internal data warehouses.</p><p><blockquote>它可能不是典型的巴菲特股票，但雪花绝对符合伍德的投资模式。方舟创始人已经成为创新的代名词，围绕基因组学、太空探索、移动即服务和下一代互联网等未来主题建立了一个产品组合。这是雪花适合的最后一个主题，包括人工智能和云计算。与公司长期以来在管理内部数据仓库时接受的缓慢、停滞不前的每日或每周更新相比，该公司的按需付费、实时访问数据和分析工具是一个巨大的飞跃。</blockquote></p><p>Another stock in ARK's portfolio touches both the data-related and genomic revolution strategy. Based on his other holdings, it's actually surprising Buffett doesn't own it too.</p><p><blockquote>ARK 投资组合中的另一只股票涉及数据相关和基因组革命战略。根据他的其他持股，巴菲特并不拥有它实际上令人惊讶。</blockquote></p><p><b>The surprising stock they don't both own</b></p><p><blockquote><b>他们都不拥有的令人惊讶的股票</b></blockquote></p><p>The Oracle of Omaha has been buying up the stocks of pharmaceutical companies in the past year. In the third quarter of 2020 he added shares of<b>Pfizer</b>(NYSE:PFE),<b>AbbVie</b>(NYSE:ABBV),<b>Merck</b>(NYSE:MRK), and<b>BristolMyersSquibb</b>(NYSE:BMY). Every member of that group gives investors between 3% and 5% in dividends annually. Other than Bristol Myers, they all hover around a $200 billion market cap as well, and Bristol Myers is nearly as large at $136 billion. Similarly,<b>Novartis</b>(NYSE:NVS)is a $211 billion company yielding 3.8%. Perhaps the reason Buffett hasn't bought this big pharma stock is that it is a Swiss company. It turns out, Buffett favors American brands in food, cola, and apparently drugmakers.</p><p><blockquote>奥马哈先知在过去的一年里一直在买入制药公司的股票。2020年第三季度，他增持了<b>辉瑞</b>（纽约证券交易所代码：PFE），<b>艾伯维</b>（纽约证券交易所代码：ABBV），<b>默克</b>（纽约证券交易所代码：MRK），以及<b>百时美施贵宝</b>（纽约证券交易所代码：BMY）。该集团的每个成员每年向投资者支付 3% 至 5% 的股息。除了百时美尔斯之外，它们的市值也都徘徊在 2000 亿美元左右，百时美尔斯的市值几乎相同，为 1360 亿美元。同样，<b>诺华</b>（纽约证券交易所股票代码：NVS）是一家市值 2110 亿美元的公司，收益率为 3.8%。也许巴菲特没有买入这只大型制药股票的原因是它是一家瑞士公司。事实证明，巴菲特青睐美国食品品牌、可乐，显然还有制药商。</blockquote></p><p>Novartis did catch the eye of Wood, thanks to its work toward developing a leading digital and data science platform for drug discovery. Although it isn't a pure play on any of ARK's strategies, Wood considers it a deep value pick, to be held through a bull market and then sold in times of volatility to add to higher-conviction growth names that get beaten down.</p><p><blockquote>诺华确实引起了伍德的注意，这要归功于其致力于开发领先的药物发现数字和数据科学平台。尽管这并不是对 ARK 任何策略的纯粹玩法，但伍德认为这是一个具有深度价值的选择，可以在牛市中持有，然后在波动时期出售，以增加那些被击败的信念更高的成长型股票。</blockquote></p><p><b>Portfolio juxtaposition</b></p><p><blockquote><b>组合并置</b></blockquote></p><p>It may be counterintuitive for an investor who prides himself on unemotional investing to buy into one of the hottest IPOs of last year, but once Snowflake started trading, the investment doubled almost immediately. Similarly, few would think someone famous for a $4,000 price target on<b>Tesla</b>and presentations that literally map out the future of entire industries would own a nearly 4% dividend paying pharmaceutical company with no growth. However, there is a great lesson in these examples.</p><p><blockquote>对于一个以不带感情的投资为荣的投资者来说，购买去年最热门的 IPO 之一可能是违反直觉的，但一旦 Snowflake 开始交易，投资几乎立即翻了一番。同样，很少有人会认为有人以 4,000 美元的目标价而闻名<b>特斯拉</b>从字面上描绘整个行业未来的演示文稿将拥有一家支付近 4% 股息但没有增长的制药公司。然而，这些例子中有一个很好的教训。</blockquote></p><p></p><p>Don't settle for the labels Wall Street places on companies or investors. Value and growth are just words. Investors may have tendencies that define them in the public eye, but that oversimplification may obscure the characteristics that draw their interest in an investment. Although Buffett likely didn't buy shares of Snowflake, it may have been the customer loyalty, leadership team, and consistent march toward profitability that made Combs or Weschler comfortable buying Snowflake shares. Wood may have a lot of fast-growing companies that don't make a profit, but it's the innovation that compels her to invest, not just growth rate. In the case of Novartis, innovation came in the form of a mega-cap pharmaceutical company.</p><p><blockquote>不要满足于华尔街给公司或投资者贴上的标签。价值和增长只是文字。投资者可能有在公众眼中定义他们的倾向，但这种过度简化可能会掩盖吸引他们对投资兴趣的特征。尽管巴菲特可能没有购买 Snowflake 的股票，但可能是客户忠诚度、领导团队以及持续的盈利能力让库姆斯或韦施勒对购买 Snowflake 股票感到满意。伍德可能有很多快速增长的公司没有盈利，但迫使她投资的是创新，而不仅仅是增长率。就诺华而言，创新是以大型制药公司的形式出现的。</blockquote></p><p>Instead of focusing on the labels Wall Street slaps on a company or following Warren Buffett or Cathie Wood into the stock, try to identify the characteristics of the business that they find compelling. Try approaching the company as if you were going to inherit it, learning how dedicated customers are, where money gets spent to attract new ones, or what advantages it has over competitors. These answers will lead to a more informed investment decision and better outcomes over time.</p><p><blockquote>不要关注华尔街给一家公司贴上的标签，也不要追随沃伦·巴菲特或凯西·伍德的股票，而是尝试找出他们认为引人注目的业务特征。尝试像要继承公司一样接近它，了解客户有多忠诚，资金花在哪里来吸引新客户，或者它相对于竞争对手有什么优势。随着时间的推移，这些答案将导致更明智的投资决策和更好的结果。</blockquote></p><p>It turns out, both Snowflake and Novartis are compelling to different types of investors for a variety of reasons. Exploring those reasons can teach us a lot more about investing than focusing solely on who owns them. The more we know about a company, the easier it is to figure out whether the nextsell-off is something to fear or a great opportunity.</p><p><blockquote>事实证明，由于各种原因，雪花和诺华都对不同类型的投资者具有吸引力。探索这些原因可以教会我们更多关于投资的知识，而不仅仅是关注谁拥有它们。我们对一家公司了解得越多，就越容易弄清楚下一次抛售是令人恐惧的事情还是一个绝佳的机会。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.fool.com/investing/2021/03/19/1-stock-warren-buffett-and-cathie-wood-have-in-com/\">Motley Fool</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":{},"source_url":"https://www.fool.com/investing/2021/03/19/1-stock-warren-buffett-and-cathie-wood-have-in-com/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1190757715","content_text":"It might be a surprise to find out that two investors with virtually opposite approaches -- one who invests in large, cheap, iconic companies and the other who rose to fame on the heels of her outlandishly bullish (and accurate) predictions about \"overvalued\" stocks -- would have the same company in their portfolios. Perhaps the bigger surprise is the stock you might expect them to both own that they don't. Let's take a look at the two companies in question and what these successful investors must see.The surprising stock they both ownFirst, it's doubtful that Warren Buffett actually boughtSnowflake(NYSE:SNOW), the cloud data warehouse-as-a-service company. In recent years, lieutenants Todd Combs and Ted Weschler have been making more of the investment decisions, and the $750 million in stockBerkshireHathaway(NYSE:BRK.A)(NYSE:BRK.B)purchased before theinitial public offering (IPO)certainly doesn't match the investment style of the legendary nonagenarian. In fact, Buffett hasn't bought an IPO sinceFord in 1956. The company does fit the style of Cathie Wood at ARK Invest, a global asset management company focused on disruptive innovation. That said, Snowflake is putting up numbers that would get any investor's attention.The company recently reported its full fiscal year earnings, and the growth was jaw-dropping. Fourth-quarter revenue of $178 million was up 116% year over year. Topping that, remaining performance obligations, what customers have signed on to buy, was up 213% over the same point last year. The company has 77 customers that spend more than $1 million per year. That number is up from 65 just three months earlier. Management is projecting between 92% and 96% revenue growth for the current year. Snowflake posted an operating margin of negative 92%. Losing money never sounds good, but that is closer to profitability than the negative 135% for the year ending January 2020 or the negative 192% in 2019. If the company really wanted to turn a profit it could just curb its spending on sales and marketing.It may not be a typical Buffett stock, but Snowflake definitely fits the mold of Wood's investments. The ARK founder has become synonymous with innovation, building a portfolio around futuristic themes such as genomics, space exploration, mobility-as-a-service, and the next-generation internet. It's the last theme, encompassing artificial intelligence and cloud computing, where Snowflake fits. The company's pay-as-you-consume, real-time access to data and analytical tools is a giant leap forward compared to the slow, bogged-down daily or weekly updates companies have long come to accept with managing their internal data warehouses.Another stock in ARK's portfolio touches both the data-related and genomic revolution strategy. Based on his other holdings, it's actually surprising Buffett doesn't own it too.The surprising stock they don't both ownThe Oracle of Omaha has been buying up the stocks of pharmaceutical companies in the past year. In the third quarter of 2020 he added shares ofPfizer(NYSE:PFE),AbbVie(NYSE:ABBV),Merck(NYSE:MRK), andBristolMyersSquibb(NYSE:BMY). Every member of that group gives investors between 3% and 5% in dividends annually. Other than Bristol Myers, they all hover around a $200 billion market cap as well, and Bristol Myers is nearly as large at $136 billion. Similarly,Novartis(NYSE:NVS)is a $211 billion company yielding 3.8%. Perhaps the reason Buffett hasn't bought this big pharma stock is that it is a Swiss company. It turns out, Buffett favors American brands in food, cola, and apparently drugmakers.Novartis did catch the eye of Wood, thanks to its work toward developing a leading digital and data science platform for drug discovery. Although it isn't a pure play on any of ARK's strategies, Wood considers it a deep value pick, to be held through a bull market and then sold in times of volatility to add to higher-conviction growth names that get beaten down.Portfolio juxtapositionIt may be counterintuitive for an investor who prides himself on unemotional investing to buy into one of the hottest IPOs of last year, but once Snowflake started trading, the investment doubled almost immediately. Similarly, few would think someone famous for a $4,000 price target onTeslaand presentations that literally map out the future of entire industries would own a nearly 4% dividend paying pharmaceutical company with no growth. However, there is a great lesson in these examples.Don't settle for the labels Wall Street places on companies or investors. Value and growth are just words. Investors may have tendencies that define them in the public eye, but that oversimplification may obscure the characteristics that draw their interest in an investment. Although Buffett likely didn't buy shares of Snowflake, it may have been the customer loyalty, leadership team, and consistent march toward profitability that made Combs or Weschler comfortable buying Snowflake shares. Wood may have a lot of fast-growing companies that don't make a profit, but it's the innovation that compels her to invest, not just growth rate. In the case of Novartis, innovation came in the form of a mega-cap pharmaceutical company.Instead of focusing on the labels Wall Street slaps on a company or following Warren Buffett or Cathie Wood into the stock, try to identify the characteristics of the business that they find compelling. Try approaching the company as if you were going to inherit it, learning how dedicated customers are, where money gets spent to attract new ones, or what advantages it has over competitors. These answers will lead to a more informed investment decision and better outcomes over time.It turns out, both Snowflake and Novartis are compelling to different types of investors for a variety of reasons. Exploring those reasons can teach us a lot more about investing than focusing solely on who owns them. The more we know about a company, the easier it is to figure out whether the nextsell-off is something to fear or a great opportunity.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":326601968,"gmtCreate":1615622886054,"gmtModify":1703491720753,"author":{"id":"3574772553430673","authorId":"3574772553430673","name":"Nickmons","avatar":"https://static.tigerbbs.com/3c2f756e4895fc35fdbf6ea956e949e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772553430673","idStr":"3574772553430673"},"themes":[],"title":"","htmlText":"Bullish ahead Tesla bearish?","listText":"Bullish ahead Tesla bearish?","text":"Bullish ahead Tesla bearish?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/326601968","repostId":"2118912950","repostType":4,"isVote":1,"tweetType":1,"viewCount":2564,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":320597978,"gmtCreate":1615134535594,"gmtModify":1703484928822,"author":{"id":"3574772553430673","authorId":"3574772553430673","name":"Nickmons","avatar":"https://static.tigerbbs.com/3c2f756e4895fc35fdbf6ea956e949e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772553430673","idStr":"3574772553430673"},"themes":[],"title":"","htmlText":"BeArish?","listText":"BeArish?","text":"BeArish?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/320597978","repostId":"1116031861","repostType":4,"repost":{"id":"1116031861","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1614955424,"share":"https://www.laohunote.com/m/news/1116031861?lang=zh_CN&edition=full","pubTime":"2021-03-05 22:43","market":"us","language":"en","title":"Senseonics plunged more than 9%<blockquote>Senseonics暴跌逾9%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1116031861","media":"老虎资讯综合","summary":"(March 5) Senseonics plunged more than 9%. Senseonics downgraded to underperform from market perform","content":"<p>(March 5) Senseonics plunged more than 9%. </p><p><blockquote>（3月5日）Senseonics暴跌逾9%。</blockquote></p><p>Senseonics downgraded to underperform from market perform at Raymond James.</p><p><blockquote>Raymond James 将 Senseonics 的评级从市场表现下调至表现不佳。</blockquote></p><p>Senseonics Holdings, Inc. reported quarterly losses of $(0.41) per share. This is a 127.78 percent decrease over losses of $(0.18) per share from the same period last year. The company reported quarterly sales of $3.90 million which beat the analyst consensus estimate of $3.05 million by 27.87 percent. This is a 56.44 percent decrease over sales of $8.95 million the same period last year.</p><p><blockquote>Senseonics Holdings, Inc. 报告季度亏损为每股 0.41 美元。与去年同期每股亏损 (0.18) 美元相比，减少了 127.78%。该公司公布季度销售额为 390 万美元，比分析师普遍预期的 305 万美元高出 27.87%。这比去年同期 895 万美元的销售额下降了 56.44%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/8692adfc74e9219bd4e30a757ad3a1dd\" tg-width=\"1050\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p><blockquote></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>Senseonics plunged more than 9%<blockquote>Senseonics暴跌逾9%</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\">\nSenseonics plunged more than 9%<blockquote>Senseonics暴跌逾9%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\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\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-03-05 22:43</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>(March 5) Senseonics plunged more than 9%. </p><p><blockquote>（3月5日）Senseonics暴跌逾9%。</blockquote></p><p>Senseonics downgraded to underperform from market perform at Raymond James.</p><p><blockquote>Raymond James 将 Senseonics 的评级从市场表现下调至表现不佳。</blockquote></p><p>Senseonics Holdings, Inc. reported quarterly losses of $(0.41) per share. This is a 127.78 percent decrease over losses of $(0.18) per share from the same period last year. The company reported quarterly sales of $3.90 million which beat the analyst consensus estimate of $3.05 million by 27.87 percent. This is a 56.44 percent decrease over sales of $8.95 million the same period last year.</p><p><blockquote>Senseonics Holdings, Inc. 报告季度亏损为每股 0.41 美元。与去年同期每股亏损 (0.18) 美元相比，减少了 127.78%。该公司公布季度销售额为 390 万美元，比分析师普遍预期的 305 万美元高出 27.87%。这比去年同期 895 万美元的销售额下降了 56.44%。</blockquote></p><p><img src=\"https://static.tigerbbs.com/8692adfc74e9219bd4e30a757ad3a1dd\" tg-width=\"1050\" tg-height=\"481\" referrerpolicy=\"no-referrer\"></p><p><blockquote></blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"SENS":"Senseonics Holdings,Inc."},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1116031861","content_text":"(March 5) Senseonics plunged more than 9%. Senseonics downgraded to underperform from market perform at Raymond James.Senseonics Holdings, Inc. reported quarterly losses of $(0.41) per share. This is a 127.78 percent decrease over losses of $(0.18) per share from the same period last year. The company reported quarterly sales of $3.90 million which beat the analyst consensus estimate of $3.05 million by 27.87 percent. This is a 56.44 percent decrease over sales of $8.95 million the same period last year.","news_type":1,"symbols_score_info":{"SENS":0.9}},"isVote":1,"tweetType":1,"viewCount":3615,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":367903503,"gmtCreate":1614900713702,"gmtModify":1703482660339,"author":{"id":"3574772553430673","authorId":"3574772553430673","name":"Nickmons","avatar":"https://static.tigerbbs.com/3c2f756e4895fc35fdbf6ea956e949e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772553430673","idStr":"3574772553430673"},"themes":[],"title":"","htmlText":"Bearish ahead?","listText":"Bearish ahead?","text":"Bearish ahead?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/367903503","repostId":"2116058775","repostType":4,"isVote":1,"tweetType":1,"viewCount":2594,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":365704516,"gmtCreate":1614777458335,"gmtModify":1703480971410,"author":{"id":"3574772553430673","authorId":"3574772553430673","name":"Nickmons","avatar":"https://static.tigerbbs.com/3c2f756e4895fc35fdbf6ea956e949e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772553430673","idStr":"3574772553430673"},"themes":[],"title":"","htmlText":"Bearish?","listText":"Bearish?","text":"Bearish?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/365704516","repostId":"2116544597","repostType":4,"isVote":1,"tweetType":1,"viewCount":3839,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362654044,"gmtCreate":1614635976588,"gmtModify":1703479092877,"author":{"id":"3574772553430673","authorId":"3574772553430673","name":"Nickmons","avatar":"https://static.tigerbbs.com/3c2f756e4895fc35fdbf6ea956e949e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772553430673","idStr":"3574772553430673"},"themes":[],"title":"","htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/362654044","repostId":"1143415407","repostType":4,"repost":{"id":"1143415407","kind":"news","pubTimestamp":1614608364,"share":"https://www.laohunote.com/m/news/1143415407?lang=zh_CN&edition=full","pubTime":"2021-03-01 22:19","market":"us","language":"en","title":"Is AMD Stock A Buy After Chipmaker's Fourth-Quarter Earnings Report?<blockquote>芯片制造商发布第四季度收益报告后，AMD 股票值得买入吗？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1143415407","media":"Investors","summary":"Advanced Micro Devices(AMD) stock is down since the chipmaker reported fourth-quarter results in lat","content":"<p><b>Advanced Micro Devices</b>(AMD) stock is down since the chipmaker reported fourth-quarter results in late January. With a pullback in shares, some investors may be wondering: Is AMD stock a buy right now?</p><p><blockquote><b>先进微器件</b>自 AMD 芯片制造商 1 月底公布第四季度业绩以来，该公司股价一直在下跌。随着股价回调，一些投资者可能想知道：AMD 股票现在值得买入吗？</blockquote></p><p> AMD has staged an amazing turnaround over the past five years, fueled by new products and improved profitability. And AMD stock has climbed as a result.</p><p><blockquote>在新产品和盈利能力提高的推动下，AMD 在过去五年中经历了惊人的转变。AMD 股价因此上涨。</blockquote></p><p> AMD competes with<b>Intel</b>(INTC) in making central processing units, or CPUs, for personal computers and servers. It also rivals<b>Nvidia</b>(NVDA) in the market for graphics processing units, or GPUs, for PCs, gaming consoles and data centers.</p><p><blockquote>AMD 与<b>英特尔</b>（INTC）为个人电脑和服务器制造中央处理器或CPU。它也是竞争对手<b>英伟达</b>(NVDA) 市场上用于 PC、游戏机和数据中心的图形处理单元 (GPU)。</blockquote></p><p> Founded in May 1969, AMD went public in September 1972. AMD shifted to a fabless semiconductor business in March 2009 by spinning off its factories into a joint venture called GlobalFoundries.</p><p><blockquote>AMD 成立于 1969 年 5 月，1972 年 9 月上市。2009 年 3 月，AMD 将其工厂分拆为一家名为 GlobalFoundries 的合资企业，转向无晶圆厂半导体业务。</blockquote></p><p> <b>Chief Executive Lisa Su Making A Difference</b></p><p><blockquote><b>首席执行官苏丽莎有所作为</b></blockquote></p><p> Current Chief Executive Lisa Su took the reins in October 2014. She shepherded the Santa Clara, Calif.-based company into a new era with its Ryzen PC processors and Epyc server chips in 2017.</p><p><blockquote>现任首席执行官苏丽莎于2014年10月接任。2017年，她凭借锐龙PC处理器和Epyc服务器芯片，将这家总部位于加利福尼亚州圣克拉拉的公司带入了一个新时代。</blockquote></p><p> Under her supervision, AMD jumped ahead of Intel in making CPUs at smaller node sizes, giving its products an edge in speed and performance. AMD is making chips at 7-nanometer scale, while Intel has struggled to make chips at 10-nanometer scale. AMD is now developing chips at 5-nanometer scale. Circuit widths on chips are measured in nanometers, which are one-billionth of a meter.</p><p><blockquote>在她的监督下，AMD 在制造更小节点尺寸的 CPU 方面领先于英特尔，使其产品在速度和性能方面具有优势。AMD正在制造7纳米尺度的芯片，而英特尔一直在努力制造10纳米尺度的芯片。AMD现在正在开发5纳米级的芯片。芯片上的电路宽度以纳米为单位，是十亿分之一米。</blockquote></p><p> On July 23,Intel announced a six-month delayin production of its already behind-schedule 7-nanometer processors. Intel now expects to ship its first 7-nanometer processors in late 2022 or early 2023. By that time, AMD could be making 3-nanometer processors, analysts said.</p><p><blockquote>7月23日，英特尔宣布将其已经落后于计划的7纳米处理器的生产推迟6个月。英特尔目前预计将于 2022 年底或 2023 年初出货首批 7 纳米处理器。分析师表示，到那时，AMD 可能会生产 3 纳米处理器。</blockquote></p><p> The situation has helped AMD take market share from Intel in PCs and servers. Those gains have buoyed AMD stock.</p><p><blockquote>这种情况帮助AMD从英特尔手中夺取了个人电脑和服务器的市场份额。这些涨幅提振了 AMD 股价。</blockquote></p><p> Chip foundry <b>Taiwan Semiconductor Manufacturing</b>(TSM) produces AMD's chips.</p><p><blockquote>芯片铸造<b>台积电</b>（TSM）生产 AMD 芯片。</blockquote></p><p> Su also is overseeing a potentially transformative acquisition. On Oct. 27, AMD announced an all-stock deal worth $35 billion to buy<b>Xilinx</b>(XLNX) to expand its growing data-center business. However, AMD stock fell on theXilinx acquisition news. Critics said the acquisition complicates AMD's \"clean\" investor story around market share gains in processors.</p><p><blockquote>苏还在监督一项潜在的变革性收购。10 月 27 日，AMD 宣布进行价值 350 亿美元的全股票交易<b>赛灵思</b>(XLNX) 将扩展其不断增长的数据中心业务。然而，AMD 股价因 theXilinx 收购消息而下跌。批评人士表示，此次收购使 AMD 围绕处理器市场份额增长的“干净”投资者故事变得复杂。</blockquote></p><p> <b>Intel Losing Market Share To AMD</b></p><p><blockquote><b>英特尔将市场份额输给 AMD</b></blockquote></p><p> In the fourth quarter, Intel regained market share from AMD in CPUs for desktop and notebook PCs, according to Mercury Research. That ended a three-year streak of market share gains by AMD in the PC segment on a quarter-to-quarter basis. AMD also suffered supply constraints with its contract manufacturer in the period.</p><p><blockquote>根据 Mercury Research 的数据，第四季度，英特尔从 AMD 手中夺回了台式机和笔记本电脑 CPU 的市场份额。这结束了 AMD 在 PC 领域连续三年的市场份额环比增长。在此期间，AMD 还面临与其合同制造商的供应限制。</blockquote></p><p> AMD's unit share of desktop PC processor sales was 19.3% in the fourth quarter, down from 20.1% in the third quarter. However, it was up from 18.3% in the year-earlier period.</p><p><blockquote>AMD第四季度台式机处理器销量的单位份额为19.3%，低于第三季度的20.1%。然而，这一比例高于去年同期的 18.3%。</blockquote></p><p> AMD's unit share of notebook PC processor sales was 19% in the December quarter, down from 20.2% in the September quarter. But it was up from 16.2% in the year-earlier period.</p><p><blockquote>12 月份季度，AMD 笔记本电脑处理器销量的单位份额为 19%，低于 9 月份季度的 20.2%。但高于去年同期的 16.2%。</blockquote></p><p> However, AMD continued to gain share in CPUs for servers during the fourth quarter. Its server CPU market share was 7.1% in the December quarter. That compares with 6.6% in the September quarter and 4.5% in the year-earlier quarter, Mercury said.</p><p><blockquote>然而，AMD在第四季度继续增加服务器CPU的份额。12 月份季度，其服务器 CPU 市场份额为 7.1%。Mercury 表示，相比之下，9 月份季度为 6.6%，去年同期为 4.5%。</blockquote></p><p> <b>Advanced Micro Devices News: New PC, Gaming Chips</b></p><p><blockquote><b>Advanced Micro Devices 新闻：新型 PC、游戏芯片</b></blockquote></p><p> On Oct. 8, AMD introduced its next-generation Ryzen processors for desktop computers. It described itsRyzen 5000 series central processing unitsas the \"fastest gaming CPUs in the world.\" The Ryzen 5000 series products are aimed at PC gamers and content creators.</p><p><blockquote>10月8日，AMD推出了用于台式机的下一代锐龙处理器。它将其锐龙5000系列中央处理器描述为“世界上最快的游戏CPU”锐龙5000系列产品面向PC游戏玩家和内容创作者。</blockquote></p><p> On Jan. 12, during a keynote speech at the virtual CES 2021 tech conference, Chief Executive Su introduced the company's newRyzen 5000 Series mobile processors. She called the chips \"the most powerful PC processors ever built for ultrathin and gaming notebooks.\" However, AMD stock fell 2% that day.</p><p><blockquote>1月12日，在虚拟CES 2021技术大会的主题演讲中，首席执行官苏介绍了该公司的newRyzen 5000系列移动处理器。她称这些芯片是“有史以来为超薄和游戏笔记本电脑打造的最强大的 PC 处理器”。不过，AMD股价当天下跌2%。</blockquote></p><p> The next potential catalyst for AMD stock will be March 3. On that date, AMD plans to introduce the newest addition to its Radeon RX family of high-performance graphic cards.</p><p><blockquote>AMD 股票的下一个潜在催化剂将是 3 月 3 日。在那一天，AMD计划推出其镭龙RX系列高性能显卡的最新成员。</blockquote></p><p> <b>AMD Fundamental Analysis</b></p><p><blockquote><b>AMD基本面分析</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c60b5a17f32fbcdbeaf44cd79b85591\" tg-width=\"818\" tg-height=\"418\">Late Jan. 26,AMD reported better-than-expected fourth-quarter results, thanks to strong demand for PC, gaming and data center products. But AMD stock fell 6.2% the next day.</p><p><blockquote>1 月 26 日下旬，得益于对 PC、游戏和数据中心产品的强劲需求，AMD 公布了好于预期的第四季度业绩。但AMD股价第二天下跌6.2%。</blockquote></p><p> AMD earned an adjusted 52 cents a share on sales of $3.24 billion in the December quarter. Analysts expected AMD earnings of 47 cents a share on sales of $3.02 billion. On a year-over-year basis, AMD earnings rose 63% while sales climbed 53%.</p><p><blockquote>AMD 调整后每股收益为 52 美分，12 月份季度销售额为 32.4 亿美元。分析师预计 AMD 每股收益为 47 美分，销售额为 30.2 亿美元。与去年同期相比，AMD 盈利增长 63%，销售额增长 53%。</blockquote></p><p> For the current quarter, AMD expects to generate revenue of $3.2 billion, up 79% from the year-earlier period. Wall Street analysts predicted AMD sales of $2.73 billion in the first quarter.</p><p><blockquote>本季度，AMD 预计收入为 32 亿美元，比去年同期增长 79%。华尔街分析师预测AMD第一季度销售额为27.3亿美元。</blockquote></p><p></p><p> For the full year, AMD expects sales to rise 37% to $13.38 billion. Analysts had been looking for 2021 revenue of $12.24 billion.</p><p><blockquote>AMD 预计全年销售额将增长 37%，达到 133.8 亿美元。分析师一直预计 2021 年收入为 122.4 亿美元。</blockquote></p><p> At least six Wall Street analysts raised their price targets on AMD stock after the company's earnings report.</p><p><blockquote>AMD 财报发布后，至少六名华尔街分析师上调了该公司股票的目标价。</blockquote></p><p> <b>AMD Stock Technical Analysis</b></p><p><blockquote><b>AMD 股票技术分析</b></blockquote></p><p> AMD stock sank to a nearly four-decade low of 1.61 a share in July 2015 before starting its epic recovery.</p><p><blockquote>2015 年 7 月，AMD 股价跌至每股 1.61 美元的近四十年来最低点，随后开始史诗般的复苏。</blockquote></p><p> On Nov. 30, AMD stock broke out of a fourth-stage,double-bottom basewith abuy pointof 88.82, according toIBD MarketSmithcharts. It notched a record high of 99.23 on Jan. 11.</p><p><blockquote>根据 IBD MarketSmithcharts 的数据，11 月 30 日，AMD 股价突破第四阶段双底基础，abuy 点为 88.82。1月11日创下99.23的历史新高。</blockquote></p><p> For two months after itsbreakout, AMD stock traded in and out of the5% chase zone. However, it triggered around-trip sell signalafter retreating from a breakout gain of more than 10% back to below the buy point.</p><p><blockquote>突破后的两个月里，AMD 股价在 5% 的追逐区域内进进出出。然而，在从超过 10% 的突破涨幅回落至买点以下后，它触发了往返卖出信号。</blockquote></p><p> AMD stock flashed anothersell signalon Feb. 23 when it dropped 7% to 8% below the buy point of its breakout. It ended the regular session Feb. 26 in the sell zone at 84.51.</p><p><blockquote>2 月 23 日，AMD 股票再次发出卖出信号，当时该股跌至突破时的买入点位下方 7% 至 8%。它在 2 月 26 日的常规交易中以 84.51 的卖出区域结束。</blockquote></p><p> AMD stock has anIBD Relative Strength Ratingof 62. That means it has outperformed 62% of stocks on the market over the past 12 months. The best growth stocks typically have RS Ratings of at least 80. And AMD'srelative strength linehas declined since mid-December as it underperforms the S&P 500 index.</p><p><blockquote>AMD 股票的 anIBD 相对强度评级为 62。这意味着在过去 12 个月中，它的表现优于市场上 62% 的股票。最好的成长型股票的 RS 评级通常至少为 80。自 12 月中旬以来，AMD 的相对强弱线一直在下降，因为它的表现逊于标普500指数。</blockquote></p><p> It has anIBD Accumulation/Distribution Ratingof B-, indicating some institutional buying of AMD shares.</p><p><blockquote>它的 anIBD 累积/分配评级为 B-，表明一些机构购买了 AMD 股票。</blockquote></p><p> AMD stock is on theIBD 50 listof top-performing growth stocks.</p><p><blockquote>AMD 股票入选 IBD 50 最佳成长型股票名单。</blockquote></p><p> <b>Is AMD Stock A Buy Right Now?</b></p><p><blockquote><b>AMD 股票现在值得买入吗？</b></blockquote></p><p> AMD stock is not a buy right now. It is trading well below its50-day moving average line, a negative sign.</p><p><blockquote>AMD 股票目前不值得买入。它的交易价格远低于 50 天移动平均线，这是一个负面信号。</blockquote></p><p> AMD stock will need to form anew basein theright market conditionsbefore setting a new potential buy point. Check outIBD's Big Picture columnfor the current market direction.</p><p><blockquote>AMD 股票需要在正确的市场条件下形成新的市场基础，然后才能设定新的潜在买入点。查看UTIBD的大图专栏，了解当前的市场方向。</blockquote></p><p> AMD stock has anIBD Composite Ratingof 95 out of a best-possible 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.</p><p><blockquote>AMD 股票的 anIBD 综合评级为 95 分（满分 99 分）。IBD的综合评级将五个独立的专有评级合并为一个易于使用的评级。最好的成长型股票的综合评级为 90 或更高。</blockquote></p><p> TheIBD Stock Checkuptool ranks AMD in fourth place in IBD's fabless semiconductor industry group. So, there are better stocks in the group to consider.</p><p><blockquote>IBD 股票检查工具将 AMD 在 IBD 无晶圆厂半导体行业组中排名第四。所以，小组中有更好的股票可以考虑。</blockquote></p><p> Also, the fabless chipmaker group ranks No. 88 out of 197 industry groups that IBD tracks. Growth stock investors should focus on leading stocks in the top 40 industry groups.</p><p><blockquote>此外，这家无晶圆厂芯片制造商集团在 IBD 追踪的 197 个行业集团中排名第 88 位。成长股投资者应重点关注前40名行业组中的龙头股。</blockquote></p><p> To find thebest stocks to buy or watch, check outIBD Stock Listsas well as IBD'sLeaderboard,MarketSmithandSwingTraderplatforms.</p><p><blockquote>要找到最值得购买或关注的股票，请查看 IBD 股票列表以及 IBD 排行榜、MarketSmithandSwingTraderplatforms。</blockquote></p><p></p>","source":"lsy1610449120050","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>Is AMD Stock A Buy After Chipmaker's Fourth-Quarter Earnings Report?<blockquote>芯片制造商发布第四季度收益报告后，AMD 股票值得买入吗？</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\">\nIs AMD Stock A Buy After Chipmaker's Fourth-Quarter Earnings Report?<blockquote>芯片制造商发布第四季度收益报告后，AMD 股票值得买入吗？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Investors</strong><span class=\"h-time small\">2021-03-01 22:19</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Advanced Micro Devices</b>(AMD) stock is down since the chipmaker reported fourth-quarter results in late January. With a pullback in shares, some investors may be wondering: Is AMD stock a buy right now?</p><p><blockquote><b>先进微器件</b>自 AMD 芯片制造商 1 月底公布第四季度业绩以来，该公司股价一直在下跌。随着股价回调，一些投资者可能想知道：AMD 股票现在值得买入吗？</blockquote></p><p> AMD has staged an amazing turnaround over the past five years, fueled by new products and improved profitability. And AMD stock has climbed as a result.</p><p><blockquote>在新产品和盈利能力提高的推动下，AMD 在过去五年中经历了惊人的转变。AMD 股价因此上涨。</blockquote></p><p> AMD competes with<b>Intel</b>(INTC) in making central processing units, or CPUs, for personal computers and servers. It also rivals<b>Nvidia</b>(NVDA) in the market for graphics processing units, or GPUs, for PCs, gaming consoles and data centers.</p><p><blockquote>AMD 与<b>英特尔</b>（INTC）为个人电脑和服务器制造中央处理器或CPU。它也是竞争对手<b>英伟达</b>(NVDA) 市场上用于 PC、游戏机和数据中心的图形处理单元 (GPU)。</blockquote></p><p> Founded in May 1969, AMD went public in September 1972. AMD shifted to a fabless semiconductor business in March 2009 by spinning off its factories into a joint venture called GlobalFoundries.</p><p><blockquote>AMD 成立于 1969 年 5 月，1972 年 9 月上市。2009 年 3 月，AMD 将其工厂分拆为一家名为 GlobalFoundries 的合资企业，转向无晶圆厂半导体业务。</blockquote></p><p> <b>Chief Executive Lisa Su Making A Difference</b></p><p><blockquote><b>首席执行官苏丽莎有所作为</b></blockquote></p><p> Current Chief Executive Lisa Su took the reins in October 2014. She shepherded the Santa Clara, Calif.-based company into a new era with its Ryzen PC processors and Epyc server chips in 2017.</p><p><blockquote>现任首席执行官苏丽莎于2014年10月接任。2017年，她凭借锐龙PC处理器和Epyc服务器芯片，将这家总部位于加利福尼亚州圣克拉拉的公司带入了一个新时代。</blockquote></p><p> Under her supervision, AMD jumped ahead of Intel in making CPUs at smaller node sizes, giving its products an edge in speed and performance. AMD is making chips at 7-nanometer scale, while Intel has struggled to make chips at 10-nanometer scale. AMD is now developing chips at 5-nanometer scale. Circuit widths on chips are measured in nanometers, which are one-billionth of a meter.</p><p><blockquote>在她的监督下，AMD 在制造更小节点尺寸的 CPU 方面领先于英特尔，使其产品在速度和性能方面具有优势。AMD正在制造7纳米尺度的芯片，而英特尔一直在努力制造10纳米尺度的芯片。AMD现在正在开发5纳米级的芯片。芯片上的电路宽度以纳米为单位，是十亿分之一米。</blockquote></p><p> On July 23,Intel announced a six-month delayin production of its already behind-schedule 7-nanometer processors. Intel now expects to ship its first 7-nanometer processors in late 2022 or early 2023. By that time, AMD could be making 3-nanometer processors, analysts said.</p><p><blockquote>7月23日，英特尔宣布将其已经落后于计划的7纳米处理器的生产推迟6个月。英特尔目前预计将于 2022 年底或 2023 年初出货首批 7 纳米处理器。分析师表示，到那时，AMD 可能会生产 3 纳米处理器。</blockquote></p><p> The situation has helped AMD take market share from Intel in PCs and servers. Those gains have buoyed AMD stock.</p><p><blockquote>这种情况帮助AMD从英特尔手中夺取了个人电脑和服务器的市场份额。这些涨幅提振了 AMD 股价。</blockquote></p><p> Chip foundry <b>Taiwan Semiconductor Manufacturing</b>(TSM) produces AMD's chips.</p><p><blockquote>芯片铸造<b>台积电</b>（TSM）生产 AMD 芯片。</blockquote></p><p> Su also is overseeing a potentially transformative acquisition. On Oct. 27, AMD announced an all-stock deal worth $35 billion to buy<b>Xilinx</b>(XLNX) to expand its growing data-center business. However, AMD stock fell on theXilinx acquisition news. Critics said the acquisition complicates AMD's \"clean\" investor story around market share gains in processors.</p><p><blockquote>苏还在监督一项潜在的变革性收购。10 月 27 日，AMD 宣布进行价值 350 亿美元的全股票交易<b>赛灵思</b>(XLNX) 将扩展其不断增长的数据中心业务。然而，AMD 股价因 theXilinx 收购消息而下跌。批评人士表示，此次收购使 AMD 围绕处理器市场份额增长的“干净”投资者故事变得复杂。</blockquote></p><p> <b>Intel Losing Market Share To AMD</b></p><p><blockquote><b>英特尔将市场份额输给 AMD</b></blockquote></p><p> In the fourth quarter, Intel regained market share from AMD in CPUs for desktop and notebook PCs, according to Mercury Research. That ended a three-year streak of market share gains by AMD in the PC segment on a quarter-to-quarter basis. AMD also suffered supply constraints with its contract manufacturer in the period.</p><p><blockquote>根据 Mercury Research 的数据，第四季度，英特尔从 AMD 手中夺回了台式机和笔记本电脑 CPU 的市场份额。这结束了 AMD 在 PC 领域连续三年的市场份额环比增长。在此期间，AMD 还面临与其合同制造商的供应限制。</blockquote></p><p> AMD's unit share of desktop PC processor sales was 19.3% in the fourth quarter, down from 20.1% in the third quarter. However, it was up from 18.3% in the year-earlier period.</p><p><blockquote>AMD第四季度台式机处理器销量的单位份额为19.3%，低于第三季度的20.1%。然而，这一比例高于去年同期的 18.3%。</blockquote></p><p> AMD's unit share of notebook PC processor sales was 19% in the December quarter, down from 20.2% in the September quarter. But it was up from 16.2% in the year-earlier period.</p><p><blockquote>12 月份季度，AMD 笔记本电脑处理器销量的单位份额为 19%，低于 9 月份季度的 20.2%。但高于去年同期的 16.2%。</blockquote></p><p> However, AMD continued to gain share in CPUs for servers during the fourth quarter. Its server CPU market share was 7.1% in the December quarter. That compares with 6.6% in the September quarter and 4.5% in the year-earlier quarter, Mercury said.</p><p><blockquote>然而，AMD在第四季度继续增加服务器CPU的份额。12 月份季度，其服务器 CPU 市场份额为 7.1%。Mercury 表示，相比之下，9 月份季度为 6.6%，去年同期为 4.5%。</blockquote></p><p> <b>Advanced Micro Devices News: New PC, Gaming Chips</b></p><p><blockquote><b>Advanced Micro Devices 新闻：新型 PC、游戏芯片</b></blockquote></p><p> On Oct. 8, AMD introduced its next-generation Ryzen processors for desktop computers. It described itsRyzen 5000 series central processing unitsas the \"fastest gaming CPUs in the world.\" The Ryzen 5000 series products are aimed at PC gamers and content creators.</p><p><blockquote>10月8日，AMD推出了用于台式机的下一代锐龙处理器。它将其锐龙5000系列中央处理器描述为“世界上最快的游戏CPU”锐龙5000系列产品面向PC游戏玩家和内容创作者。</blockquote></p><p> On Jan. 12, during a keynote speech at the virtual CES 2021 tech conference, Chief Executive Su introduced the company's newRyzen 5000 Series mobile processors. She called the chips \"the most powerful PC processors ever built for ultrathin and gaming notebooks.\" However, AMD stock fell 2% that day.</p><p><blockquote>1月12日，在虚拟CES 2021技术大会的主题演讲中，首席执行官苏介绍了该公司的newRyzen 5000系列移动处理器。她称这些芯片是“有史以来为超薄和游戏笔记本电脑打造的最强大的 PC 处理器”。不过，AMD股价当天下跌2%。</blockquote></p><p> The next potential catalyst for AMD stock will be March 3. On that date, AMD plans to introduce the newest addition to its Radeon RX family of high-performance graphic cards.</p><p><blockquote>AMD 股票的下一个潜在催化剂将是 3 月 3 日。在那一天，AMD计划推出其镭龙RX系列高性能显卡的最新成员。</blockquote></p><p> <b>AMD Fundamental Analysis</b></p><p><blockquote><b>AMD基本面分析</b></blockquote></p><p> <img src=\"https://static.tigerbbs.com/9c60b5a17f32fbcdbeaf44cd79b85591\" tg-width=\"818\" tg-height=\"418\">Late Jan. 26,AMD reported better-than-expected fourth-quarter results, thanks to strong demand for PC, gaming and data center products. But AMD stock fell 6.2% the next day.</p><p><blockquote>1 月 26 日下旬，得益于对 PC、游戏和数据中心产品的强劲需求，AMD 公布了好于预期的第四季度业绩。但AMD股价第二天下跌6.2%。</blockquote></p><p> AMD earned an adjusted 52 cents a share on sales of $3.24 billion in the December quarter. Analysts expected AMD earnings of 47 cents a share on sales of $3.02 billion. On a year-over-year basis, AMD earnings rose 63% while sales climbed 53%.</p><p><blockquote>AMD 调整后每股收益为 52 美分，12 月份季度销售额为 32.4 亿美元。分析师预计 AMD 每股收益为 47 美分，销售额为 30.2 亿美元。与去年同期相比，AMD 盈利增长 63%，销售额增长 53%。</blockquote></p><p> For the current quarter, AMD expects to generate revenue of $3.2 billion, up 79% from the year-earlier period. Wall Street analysts predicted AMD sales of $2.73 billion in the first quarter.</p><p><blockquote>本季度，AMD 预计收入为 32 亿美元，比去年同期增长 79%。华尔街分析师预测AMD第一季度销售额为27.3亿美元。</blockquote></p><p></p><p> For the full year, AMD expects sales to rise 37% to $13.38 billion. Analysts had been looking for 2021 revenue of $12.24 billion.</p><p><blockquote>AMD 预计全年销售额将增长 37%，达到 133.8 亿美元。分析师一直预计 2021 年收入为 122.4 亿美元。</blockquote></p><p> At least six Wall Street analysts raised their price targets on AMD stock after the company's earnings report.</p><p><blockquote>AMD 财报发布后，至少六名华尔街分析师上调了该公司股票的目标价。</blockquote></p><p> <b>AMD Stock Technical Analysis</b></p><p><blockquote><b>AMD 股票技术分析</b></blockquote></p><p> AMD stock sank to a nearly four-decade low of 1.61 a share in July 2015 before starting its epic recovery.</p><p><blockquote>2015 年 7 月，AMD 股价跌至每股 1.61 美元的近四十年来最低点，随后开始史诗般的复苏。</blockquote></p><p> On Nov. 30, AMD stock broke out of a fourth-stage,double-bottom basewith abuy pointof 88.82, according toIBD MarketSmithcharts. It notched a record high of 99.23 on Jan. 11.</p><p><blockquote>根据 IBD MarketSmithcharts 的数据，11 月 30 日，AMD 股价突破第四阶段双底基础，abuy 点为 88.82。1月11日创下99.23的历史新高。</blockquote></p><p> For two months after itsbreakout, AMD stock traded in and out of the5% chase zone. However, it triggered around-trip sell signalafter retreating from a breakout gain of more than 10% back to below the buy point.</p><p><blockquote>突破后的两个月里，AMD 股价在 5% 的追逐区域内进进出出。然而，在从超过 10% 的突破涨幅回落至买点以下后，它触发了往返卖出信号。</blockquote></p><p> AMD stock flashed anothersell signalon Feb. 23 when it dropped 7% to 8% below the buy point of its breakout. It ended the regular session Feb. 26 in the sell zone at 84.51.</p><p><blockquote>2 月 23 日，AMD 股票再次发出卖出信号，当时该股跌至突破时的买入点位下方 7% 至 8%。它在 2 月 26 日的常规交易中以 84.51 的卖出区域结束。</blockquote></p><p> AMD stock has anIBD Relative Strength Ratingof 62. That means it has outperformed 62% of stocks on the market over the past 12 months. The best growth stocks typically have RS Ratings of at least 80. And AMD'srelative strength linehas declined since mid-December as it underperforms the S&P 500 index.</p><p><blockquote>AMD 股票的 anIBD 相对强度评级为 62。这意味着在过去 12 个月中，它的表现优于市场上 62% 的股票。最好的成长型股票的 RS 评级通常至少为 80。自 12 月中旬以来，AMD 的相对强弱线一直在下降，因为它的表现逊于标普500指数。</blockquote></p><p> It has anIBD Accumulation/Distribution Ratingof B-, indicating some institutional buying of AMD shares.</p><p><blockquote>它的 anIBD 累积/分配评级为 B-，表明一些机构购买了 AMD 股票。</blockquote></p><p> AMD stock is on theIBD 50 listof top-performing growth stocks.</p><p><blockquote>AMD 股票入选 IBD 50 最佳成长型股票名单。</blockquote></p><p> <b>Is AMD Stock A Buy Right Now?</b></p><p><blockquote><b>AMD 股票现在值得买入吗？</b></blockquote></p><p> AMD stock is not a buy right now. It is trading well below its50-day moving average line, a negative sign.</p><p><blockquote>AMD 股票目前不值得买入。它的交易价格远低于 50 天移动平均线，这是一个负面信号。</blockquote></p><p> AMD stock will need to form anew basein theright market conditionsbefore setting a new potential buy point. Check outIBD's Big Picture columnfor the current market direction.</p><p><blockquote>AMD 股票需要在正确的市场条件下形成新的市场基础，然后才能设定新的潜在买入点。查看UTIBD的大图专栏，了解当前的市场方向。</blockquote></p><p> AMD stock has anIBD Composite Ratingof 95 out of a best-possible 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.</p><p><blockquote>AMD 股票的 anIBD 综合评级为 95 分（满分 99 分）。IBD的综合评级将五个独立的专有评级合并为一个易于使用的评级。最好的成长型股票的综合评级为 90 或更高。</blockquote></p><p> TheIBD Stock Checkuptool ranks AMD in fourth place in IBD's fabless semiconductor industry group. So, there are better stocks in the group to consider.</p><p><blockquote>IBD 股票检查工具将 AMD 在 IBD 无晶圆厂半导体行业组中排名第四。所以，小组中有更好的股票可以考虑。</blockquote></p><p> Also, the fabless chipmaker group ranks No. 88 out of 197 industry groups that IBD tracks. Growth stock investors should focus on leading stocks in the top 40 industry groups.</p><p><blockquote>此外，这家无晶圆厂芯片制造商集团在 IBD 追踪的 197 个行业集团中排名第 88 位。成长股投资者应重点关注前40名行业组中的龙头股。</blockquote></p><p> To find thebest stocks to buy or watch, check outIBD Stock Listsas well as IBD'sLeaderboard,MarketSmithandSwingTraderplatforms.</p><p><blockquote>要找到最值得购买或关注的股票，请查看 IBD 股票列表以及 IBD 排行榜、MarketSmithandSwingTraderplatforms。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.investors.com/news/technology/amd-stock-buy-now/?src=A00220\">Investors</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":{"AMD":"美国超微公司"},"source_url":"https://www.investors.com/news/technology/amd-stock-buy-now/?src=A00220","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1143415407","content_text":"Advanced Micro Devices(AMD) stock is down since the chipmaker reported fourth-quarter results in late January. With a pullback in shares, some investors may be wondering: Is AMD stock a buy right now?\nAMD has staged an amazing turnaround over the past five years, fueled by new products and improved profitability. And AMD stock has climbed as a result.\nAMD competes withIntel(INTC) in making central processing units, or CPUs, for personal computers and servers. It also rivalsNvidia(NVDA) in the market for graphics processing units, or GPUs, for PCs, gaming consoles and data centers.\nFounded in May 1969, AMD went public in September 1972. AMD shifted to a fabless semiconductor business in March 2009 by spinning off its factories into a joint venture called GlobalFoundries.\nChief Executive Lisa Su Making A Difference\nCurrent Chief Executive Lisa Su took the reins in October 2014. She shepherded the Santa Clara, Calif.-based company into a new era with its Ryzen PC processors and Epyc server chips in 2017.\nUnder her supervision, AMD jumped ahead of Intel in making CPUs at smaller node sizes, giving its products an edge in speed and performance. AMD is making chips at 7-nanometer scale, while Intel has struggled to make chips at 10-nanometer scale. AMD is now developing chips at 5-nanometer scale. Circuit widths on chips are measured in nanometers, which are one-billionth of a meter.\nOn July 23,Intel announced a six-month delayin production of its already behind-schedule 7-nanometer processors. Intel now expects to ship its first 7-nanometer processors in late 2022 or early 2023. By that time, AMD could be making 3-nanometer processors, analysts said.\nThe situation has helped AMD take market share from Intel in PCs and servers. Those gains have buoyed AMD stock.\nChip foundry Taiwan Semiconductor Manufacturing(TSM) produces AMD's chips.\nSu also is overseeing a potentially transformative acquisition. On Oct. 27, AMD announced an all-stock deal worth $35 billion to buyXilinx(XLNX) to expand its growing data-center business. However, AMD stock fell on theXilinx acquisition news. Critics said the acquisition complicates AMD's \"clean\" investor story around market share gains in processors.\nIntel Losing Market Share To AMD\nIn the fourth quarter, Intel regained market share from AMD in CPUs for desktop and notebook PCs, according to Mercury Research. That ended a three-year streak of market share gains by AMD in the PC segment on a quarter-to-quarter basis. AMD also suffered supply constraints with its contract manufacturer in the period.\nAMD's unit share of desktop PC processor sales was 19.3% in the fourth quarter, down from 20.1% in the third quarter. However, it was up from 18.3% in the year-earlier period.\nAMD's unit share of notebook PC processor sales was 19% in the December quarter, down from 20.2% in the September quarter. But it was up from 16.2% in the year-earlier period.\nHowever, AMD continued to gain share in CPUs for servers during the fourth quarter. Its server CPU market share was 7.1% in the December quarter. That compares with 6.6% in the September quarter and 4.5% in the year-earlier quarter, Mercury said.\nAdvanced Micro Devices News: New PC, Gaming Chips\nOn Oct. 8, AMD introduced its next-generation Ryzen processors for desktop computers. It described itsRyzen 5000 series central processing unitsas the \"fastest gaming CPUs in the world.\" The Ryzen 5000 series products are aimed at PC gamers and content creators.\nOn Jan. 12, during a keynote speech at the virtual CES 2021 tech conference, Chief Executive Su introduced the company's newRyzen 5000 Series mobile processors. She called the chips \"the most powerful PC processors ever built for ultrathin and gaming notebooks.\" However, AMD stock fell 2% that day.\nThe next potential catalyst for AMD stock will be March 3. On that date, AMD plans to introduce the newest addition to its Radeon RX family of high-performance graphic cards.\nAMD Fundamental Analysis\nLate Jan. 26,AMD reported better-than-expected fourth-quarter results, thanks to strong demand for PC, gaming and data center products. But AMD stock fell 6.2% the next day.\nAMD earned an adjusted 52 cents a share on sales of $3.24 billion in the December quarter. Analysts expected AMD earnings of 47 cents a share on sales of $3.02 billion. On a year-over-year basis, AMD earnings rose 63% while sales climbed 53%.\nFor the current quarter, AMD expects to generate revenue of $3.2 billion, up 79% from the year-earlier period. Wall Street analysts predicted AMD sales of $2.73 billion in the first quarter.\nFor the full year, AMD expects sales to rise 37% to $13.38 billion. Analysts had been looking for 2021 revenue of $12.24 billion.\nAt least six Wall Street analysts raised their price targets on AMD stock after the company's earnings report.\nAMD Stock Technical Analysis\nAMD stock sank to a nearly four-decade low of 1.61 a share in July 2015 before starting its epic recovery.\nOn Nov. 30, AMD stock broke out of a fourth-stage,double-bottom basewith abuy pointof 88.82, according toIBD MarketSmithcharts. It notched a record high of 99.23 on Jan. 11.\nFor two months after itsbreakout, AMD stock traded in and out of the5% chase zone. However, it triggered around-trip sell signalafter retreating from a breakout gain of more than 10% back to below the buy point.\nAMD stock flashed anothersell signalon Feb. 23 when it dropped 7% to 8% below the buy point of its breakout. It ended the regular session Feb. 26 in the sell zone at 84.51.\nAMD stock has anIBD Relative Strength Ratingof 62. That means it has outperformed 62% of stocks on the market over the past 12 months. The best growth stocks typically have RS Ratings of at least 80. And AMD'srelative strength linehas declined since mid-December as it underperforms the S&P 500 index.\nIt has anIBD Accumulation/Distribution Ratingof B-, indicating some institutional buying of AMD shares.\nAMD stock is on theIBD 50 listof top-performing growth stocks.\nIs AMD Stock A Buy Right Now?\nAMD stock is not a buy right now. It is trading well below its50-day moving average line, a negative sign.\nAMD stock will need to form anew basein theright market conditionsbefore setting a new potential buy point. Check outIBD's Big Picture columnfor the current market direction.\nAMD stock has anIBD Composite Ratingof 95 out of a best-possible 99. IBD's Composite Rating combines five separate proprietary ratings into one easy-to-use rating. The best growth stocks have a Composite Rating of 90 or better.\nTheIBD Stock Checkuptool ranks AMD in fourth place in IBD's fabless semiconductor industry group. So, there are better stocks in the group to consider.\nAlso, the fabless chipmaker group ranks No. 88 out of 197 industry groups that IBD tracks. Growth stock investors should focus on leading stocks in the top 40 industry groups.\nTo find thebest stocks to buy or watch, check outIBD Stock Listsas well as IBD'sLeaderboard,MarketSmithandSwingTraderplatforms.","news_type":1,"symbols_score_info":{"AMD":0.9}},"isVote":1,"tweetType":1,"viewCount":2577,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":362942970,"gmtCreate":1614591330890,"gmtModify":1703478555327,"author":{"id":"3574772553430673","authorId":"3574772553430673","name":"Nickmons","avatar":"https://static.tigerbbs.com/3c2f756e4895fc35fdbf6ea956e949e5","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3574772553430673","idStr":"3574772553430673"},"themes":[],"title":"","htmlText":"Bullish ahead?","listText":"Bullish ahead?","text":"Bullish ahead?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/362942970","repostId":"1117028517","repostType":4,"isVote":1,"tweetType":1,"viewCount":2763,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"defaultTab":"posts","isTTM":false}