Wall St Engine
$DDOG | Datadog Q1'25 Earnings Highlights
🔹 Revenue: $762M (Est. $739M) 🟢; +25% YoY
🔹 EPS (Non-GAAP): $0.46 (Est. $0.43) 🟢
🔹 Free Cash Flow: $244M; +28%
🔹 $100K+ ARR Customers: ~3,770 (vs. 3,340 YoY) +13%
FY25 (Raised):
🔹 Revenue: $3.215B–$3.235B (Est. $3.19B) 🟢
🔹 EPS (Non-GAAP): $1.67–$1.71 (Prior: $1.65–$1.70 | Est. $1.69) 🟡
Q2 Guidance:
🔹 Revenue: $787M–$791M (Est. $768M) 🟢
🔹 EPS (Non-GAAP): $0.40–$0.42 (Est. $0.40) 🟢
Other Key Q1 Metrics:
🔹 Operating Cash Flow: $272M
🔹 Non-GAAP Operating Margin: 22%
🔹 NG Gross Margin: 80% (vs. 83% YoY)
🔹 FCF Margin: 32% (vs. 31% YoY)
Commentary & Strategic Updates
🔸 CEO: “We’re innovating rapidly to help customers solve mission-critical problems in modern cloud environments.”
🔸 M&A: Acquired Eppo (feature flagging) & Metaplane (data observability)
🔸 Named Leader: Forrester Wave AIOps Platforms Q2 2025
🔸 New DC: Announced first data center in Australia
🔸 DASH Conference: Scheduled June 10–11 in NYC
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$DDOG | Datadog Q1'25 Earnings Highlights
🔹 Revenue: $762M (Est. $739M) 🟢; +25% YoY
🔹 EPS (Non-GAAP): $0.46 (Est. $0.43) 🟢
🔹 Free Cash Flow: $244M; +28%
🔹 $100K+ ARR Customers: ~3,770 (vs. 3,340 YoY) +13%
FY25 (Raised):
🔹 Revenue: $3.215B–$3.235B (Est. $3.19B) 🟢
🔹 EPS (Non-GAAP): $1.67–$1.71 (Prior: $1.65–$1.70 | Est. $1.69) 🟡
Q2 Guidance:
🔹 Revenue: $787M–$791M (Est. $768M) 🟢
🔹 EPS (Non-GAAP): $0.40–$0.42 (Est. $0.40) 🟢
Other Key Q1 Metrics:
🔹 Operating Cash Flow: $272M
🔹 Non-GAAP Operating Margin: 22%
🔹 NG Gross Margin: 80% (vs. 83% YoY)
🔹 FCF Margin: 32% (vs. 31% YoY)
Commentary & Strategic Updates
🔸 CEO: “We’re innovating rapidly to help customers solve mission-critical problems in modern cloud environments.”
🔸 M&A: Acquired Eppo (feature flagging) & Metaplane (data observability)
🔸 Named Leader: Forrester Wave AIOps Platforms Q2 2025
🔸 New DC: Announced first data center in Australia
🔸 DASH Conference: Scheduled June 10–11 in NYC
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Wall St Engine
$DASH | DoorDash Q1'25 Earnings Highlights
🔹 Revenue: $3.03B (Est. $3.09B) 🔴
🔹 EPS: $0.44 (Est. $0.39) 🟢
🔹 Adj EBITDA: $590M (vs. $371M YoY) +59%
🔹 Free Cash Flow: $494M (vs. $487M YoY)
🔹 Net Revenue Margin: 13.1% (Flat YoY)
Guidance (Q2'25):
🔹 Marketplace GOV: $23.3B – $23.7B (Est. 23.5B) 😐
🔹 Adj EBITDA: $600M – $650M
🔸 Expects Q/Q margin improvement through Q3
Key Operating Metrics:
🔹 Total Orders: 732M; +18% YoY
🔹 Marketplace GOV: $23.08B; +20% YoY
🔹 Avg Order Frequency: All-time high
🔹 DashPass & Wolt+ Memberships: Y/Y growth accelerated
🔹 International MAUs: Double-digit Y/Y growth
Acquisition Announcements:
🔸 SevenRooms (Hospitality software, $1.2B deal)
🔸 Deliveroo plc (UK-based, $2.9B all-cash offer)
🔸 Purpose: Enhance commerce platform, expand categories, increase international scale
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$DASH | DoorDash Q1'25 Earnings Highlights
🔹 Revenue: $3.03B (Est. $3.09B) 🔴
🔹 EPS: $0.44 (Est. $0.39) 🟢
🔹 Adj EBITDA: $590M (vs. $371M YoY) +59%
🔹 Free Cash Flow: $494M (vs. $487M YoY)
🔹 Net Revenue Margin: 13.1% (Flat YoY)
Guidance (Q2'25):
🔹 Marketplace GOV: $23.3B – $23.7B (Est. 23.5B) 😐
🔹 Adj EBITDA: $600M – $650M
🔸 Expects Q/Q margin improvement through Q3
Key Operating Metrics:
🔹 Total Orders: 732M; +18% YoY
🔹 Marketplace GOV: $23.08B; +20% YoY
🔹 Avg Order Frequency: All-time high
🔹 DashPass & Wolt+ Memberships: Y/Y growth accelerated
🔹 International MAUs: Double-digit Y/Y growth
Acquisition Announcements:
🔸 SevenRooms (Hospitality software, $1.2B deal)
🔸 Deliveroo plc (UK-based, $2.9B all-cash offer)
🔸 Purpose: Enhance commerce platform, expand categories, increase international scale
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Wall St Engine
EU 🇪🇺 SAID TO TARGET €100 BILLION OF US GOODS WITH TARIFFS IF TALKS FAIL
Bloomberg reports the European Commission may unveil the proposal this week, aiming to counter Trump's tariffs. In 2023, the EU posted a €48B trade surplus with the US, per EC data—driven by strong goods exports, offset partly by a €109B services deficit.
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EU 🇪🇺 SAID TO TARGET €100 BILLION OF US GOODS WITH TARIFFS IF TALKS FAIL
Bloomberg reports the European Commission may unveil the proposal this week, aiming to counter Trump's tariffs. In 2023, the EU posted a €48B trade surplus with the US, per EC data—driven by strong goods exports, offset partly by a €109B services deficit.
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Wall St Engine
HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $HIMS EARNINGS:
1) Needham – $61 PT – BUY – Ryan MacDonald
"We reiterate our Buy rating following the company's strong 1Q beat that was driven primarily by weight loss. However, given the transition of compound GLP-1 customers that received commercially available doses, HIMS' 2Q rev guide came in light of consensus. While shares are trading off on the 2Q guide, we believe this creates an attractive buying opportunity for investors as HIMS' expanding portfolio of weight loss offerings positions the company well to better retain and grow its base of subscribers in the category, while new category launches in 2H25 will contribute to the growth algorithm to achieve a new $6.5B rev target in 2030. Given new category expansion requires investment, we were also impressed that growth will not come at the expense of margin expansion, with HIMS maintaining its 20% expectation for 2030."
2) Morgan Stanley – $40 PT – EQUALWEIGHT – Craig Hettenbach
"Hims posted a substantial beat in Q1’25 and guided Q2 revenue below the Street and EBITDA essentially in line. Revenue increased 111% y/y to $586mn, well ahead of our estimate of $531mn and the Street at $535mn. EBITDA of $91mn beat by $30mn, driven by revenue upside and significant S&M leverage (39% vs. estimated 45%). Guidance for Q2 revenue of $540mn and EBITDA of $70mn is below Street at $567mn/$71mn. Positives: 50% beat on EBITDA; expanded weight loss offerings including Novo partnership; oral drug subscribers +300% y/y; new hormone category to launch by year-end. Negatives: GM of 73% missed expectations (second straight miss), first-ever guide below Street, and moderation in sexual health growth due to mix shift."
3) Truist Securities – $33 PT – HOLD – Jailendra Singh
"HIMS posted 1Q25 results with revenues and adjusted EBITDA ahead. The majority of the beat ($42M of $47M) came from GLP-1 offerings, which likely supported reaffirmed full-year outlook. Q2 revenue guide was below consensus due to transitions off compounded GLP-1s and seasonal benefits in Q1. Sexual health may remain volatile as the company shifts to daily-use models. However, FY25 EBITDA guidance was raised by $15–$20M. Overall, a mixed quarter—better than bearish fears on core business, but short of bullish expectations for consistent beat-and-raise."
4) Leerink Partners – $42 PT – MARKET PERFORM (Raised from $40) – Michael Cherny
"HIMS’s 2Q earnings touched on key flash points as it shifts to next-gen GLP-1 sales via its Novo Nordisk partnership, oral options, and liraglutide. Reiterated weight management guidance shows category strength, but with semaglutide still in use, long-term clarity is needed. While sexual health trends remain choppy, 2030 targets point to solid growth. We raise PT to $42 based on higher profitability pull-through, maintain 24x CY26 EBITDA multiple, and reiterate Market Perform given upside potential vs. durability concerns."
5) TD Cowen – $38 PT – HOLD (Raised from $30) – Jonna Kim
"HIMS remains differentiated via its trusted brand and personalized offerings, but we think consistent beat-and-raise performance will be tough going forward. Comparisons get harder and competition for branded GLP-1s is increasing. Net subscriber adds slowed to ~135k in Q1 vs. ~180k in Q4/3Q24. This reflects higher CAC for weight loss versus other categories like hair loss. Core business growth moderated, and while weight loss is a key driver, we stay Hold as we watch for shifts in consumer behavior and GLP-1 transitions."
6) BofA Securities – $28 PT – UNDERPERFORM (Raised from $26) – Michael Cherny
"Following this quarter’s earnings, we see a wider range of revenue outcomes. If HIMS leans into personalized semaglutide, it could exceed guidance and generate $900M+ in GLP-1 revenue[...]
HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $HIMS EARNINGS:
1) Needham – $61 PT – BUY – Ryan MacDonald
"We reiterate our Buy rating following the company's strong 1Q beat that was driven primarily by weight loss. However, given the transition of compound GLP-1 customers that received commercially available doses, HIMS' 2Q rev guide came in light of consensus. While shares are trading off on the 2Q guide, we believe this creates an attractive buying opportunity for investors as HIMS' expanding portfolio of weight loss offerings positions the company well to better retain and grow its base of subscribers in the category, while new category launches in 2H25 will contribute to the growth algorithm to achieve a new $6.5B rev target in 2030. Given new category expansion requires investment, we were also impressed that growth will not come at the expense of margin expansion, with HIMS maintaining its 20% expectation for 2030."
2) Morgan Stanley – $40 PT – EQUALWEIGHT – Craig Hettenbach
"Hims posted a substantial beat in Q1’25 and guided Q2 revenue below the Street and EBITDA essentially in line. Revenue increased 111% y/y to $586mn, well ahead of our estimate of $531mn and the Street at $535mn. EBITDA of $91mn beat by $30mn, driven by revenue upside and significant S&M leverage (39% vs. estimated 45%). Guidance for Q2 revenue of $540mn and EBITDA of $70mn is below Street at $567mn/$71mn. Positives: 50% beat on EBITDA; expanded weight loss offerings including Novo partnership; oral drug subscribers +300% y/y; new hormone category to launch by year-end. Negatives: GM of 73% missed expectations (second straight miss), first-ever guide below Street, and moderation in sexual health growth due to mix shift."
3) Truist Securities – $33 PT – HOLD – Jailendra Singh
"HIMS posted 1Q25 results with revenues and adjusted EBITDA ahead. The majority of the beat ($42M of $47M) came from GLP-1 offerings, which likely supported reaffirmed full-year outlook. Q2 revenue guide was below consensus due to transitions off compounded GLP-1s and seasonal benefits in Q1. Sexual health may remain volatile as the company shifts to daily-use models. However, FY25 EBITDA guidance was raised by $15–$20M. Overall, a mixed quarter—better than bearish fears on core business, but short of bullish expectations for consistent beat-and-raise."
4) Leerink Partners – $42 PT – MARKET PERFORM (Raised from $40) – Michael Cherny
"HIMS’s 2Q earnings touched on key flash points as it shifts to next-gen GLP-1 sales via its Novo Nordisk partnership, oral options, and liraglutide. Reiterated weight management guidance shows category strength, but with semaglutide still in use, long-term clarity is needed. While sexual health trends remain choppy, 2030 targets point to solid growth. We raise PT to $42 based on higher profitability pull-through, maintain 24x CY26 EBITDA multiple, and reiterate Market Perform given upside potential vs. durability concerns."
5) TD Cowen – $38 PT – HOLD (Raised from $30) – Jonna Kim
"HIMS remains differentiated via its trusted brand and personalized offerings, but we think consistent beat-and-raise performance will be tough going forward. Comparisons get harder and competition for branded GLP-1s is increasing. Net subscriber adds slowed to ~135k in Q1 vs. ~180k in Q4/3Q24. This reflects higher CAC for weight loss versus other categories like hair loss. Core business growth moderated, and while weight loss is a key driver, we stay Hold as we watch for shifts in consumer behavior and GLP-1 transitions."
6) BofA Securities – $28 PT – UNDERPERFORM (Raised from $26) – Michael Cherny
"Following this quarter’s earnings, we see a wider range of revenue outcomes. If HIMS leans into personalized semaglutide, it could exceed guidance and generate $900M+ in GLP-1 revenue[...]
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Wall St Engine HERE'S WHAT ANALYSTS HAVE TO SAY AFTER $HIMS EARNINGS: 1) Needham – $61 PT – BUY – Ryan MacDonald "We reiterate our Buy rating following the company's strong 1Q beat that was driven primarily by weight loss. However, given the transition…
for 2025—but this could reintroduce litigation risks. Alternatively, reinvesting in core might stabilize growth but hit the low end of guidance. HIMS could do both, which adds upside risk to our estimates. While operating leverage improved, we maintain our cautious view due to macro headwinds and potential risk reintroduction. PT raised to $28, same valuation basis."
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US MARCH TRADE GAP WIDENS TO RECORD $140.5B; EST. $137.2B https://t.co/nB8AGennLa
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US MARCH TRADE GAP WIDENS TO RECORD $140.5B; EST. $137.2B https://t.co/nB8AGennLa
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Wall St Engine
$UBER is buying an 85% stake in Trendyol GO, a Türkiye-based meal and grocery delivery biz, for $700M. Trendyol GO did 200M orders and $2B in gross bookings last year, up 50% YoY. Deal expected to close in H2 2025, pending regulatory approval. https://t.co/TuSuHzgpJc
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$UBER is buying an 85% stake in Trendyol GO, a Türkiye-based meal and grocery delivery biz, for $700M. Trendyol GO did 200M orders and $2B in gross bookings last year, up 50% YoY. Deal expected to close in H2 2025, pending regulatory approval. https://t.co/TuSuHzgpJc
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