Q1 tech earnings

Good morning,

Today, let’s look at the earnings report of tech companies for this past quarter in 2024. Click each link to view that company's investor deck to get a more in-depth look at their earnings report.

Q1 earnings

• Microsoft beat expectations:

  • Total revenue: $61.9B (+17% YoY)

  • Operating expenses: $15.8B (+10% YoY)

  • Net income: $21.9B (+20% YoY, includes other costs)

  • Next quarter guidance: $63.5B–$64.5B revenue

• Intel beat expectations:

  • Total revenue: $12.7B (+9% YoY)

  • Operating expenses: $6.28B (+8% YoY)

  • Net income: -$437M (includes other costs)

  • Next quarter guidance: $12.5B–$13.5B revenue

• Snap beat expectations:

  • Total revenue: $1.19B (+21% YoY)

  • Operating expenses: $953M

  • Net income: -$305M (-7% YoY, includes other costs)

  • Next quarter guidance: $1.22B–$1.25B revenue (+15%–18% YoY)

• Meta beat expectations—doubling first-quarter profits YoY but Zuck gives a weak revenue guidance for next quarter:

  • Total revenue: $36.45B (+27% YoY)

  • Operating expenses: $22.63B (+6% YoY)

  • Net income: $12.36B (+117% YoY, includes other costs)

  • Next quarter guidance: $36.5B–$39B revenue

• ServiceNow beat expectations:

  • Total revenue: $2.6B (+24% YoY)

  • Net income: $347M (+117% YoY, includes other costs)

  • Next quarter guidance: $2.61B–$2.86 revenue

• Tesla missed expectations—will accelerate the launch of more affordable vehicles this year:

  • Total revenue: $21.3B (-9% YoY)

  • Operating expenses: $2.52B (+37% YoY)

  • Net income: $1.12B (-55% YoY, includes other costs)

• Spotify beat revenue expectations but missed for monthly active users:

  • Total revenue: $3.88B (+20% YoY)

  • Operating expenses: $894M (-9% YoY)

  • Operating income: $179M (includes other costs)

  • Next quarter guidance: $4.06B revenue

Other news

• TikTok ban is signed in law by US President Biden and the White House after passing through Congress.

• ByteDance is exploring scenarios for selling a majority stake in TikTok’s US business, preferably to non-tech companies, without its algorithm.

• Stripe decouples payments from the rest of its stack. Previously, it was a requirement for all businesses to be a payments customer to use any of its other products.

• Square’s parent company Block lets its merchants convert a part of their daily sales into bitcoin

• UK probes Amazon and Microsoft over AI partnerships with Mistral, Anthropic, and Inflection.

• Meta opens up its operating system,Horizon OS, that powers its Meta Quest devices to third-party developers.

• TikTok spent over $7M on lobbying and ads to combat potential US ban.

• Oracle moves its global HQ to Nashville, Tennessee.

• Amazon launches a grocery subscription service for Prime customers and those that use EBT in the US.

• Spotify turns a profit as earnings and revenue beat expectations.

• Texas Instruments gives a Q2 revenue forecast above estimates, signaling stronger chip demand.

• Apple will hold a launch event for new iPads on May 7.

• Apple is working to secure streaming rights to FIFA Club World Cup which could be worth around $1B.

Deal flow

• Elon Musk’s xAI is raising $6B to compete with OpenAI, valuing the company at $18B.

• Eric Schmidt-backed Augment, a GitHub Copilot rival, launches out of stealth with $252M in funding, valuing the company at $977M.

• Nvidia acquires AI workload management startup Run:ai for $700M.

• Microsoft-backed Rubrik goes public at $32 per share, raising $752M at a $5.6B valuation.

• Perplexity is raising at least $250M more at a valuation of between $2.5B–$3B.

• Rippling, a workforce management platform, raised a $200M Series F round, valuing the company at $13.4B, led by Coatue.

• Dripos raises $11M Series A to replace Square, Toast, and other restaurant management products.

• Givebutter, a nonprofit fundraising and CRM platform, raised $50M led by Bessemer Venture Partners.

• Pomelo, a ‘send now, pay later’ startup, raised a $35M Series A round led by Vy Capital.

• Exowatt, a modular energy platform designed to power energy-intensive data centers, raised a $20M seed round from a16z, Atomic, and Sam Altman.

• Bump, a credit card startup for creators, raised a $3M seed round from ImpactX, Capitalize, and Serac Ventures.

• Prime Intellect, a provider of an open and decentralized AI platform and protocol, raised a $5.5M seed round led by Distributed Global and CoinFund.

• Campus, a community college startup, raised a $23M Series A extension round led by Founders Fund.

• Outpost, a network of managed semi-truck parking facilities, raised a $12.5M Series A led by GreenPoint Partners.

• Industrial software company HighByte raised a $12M Series A round led by Standard Investments.

• 401GO, a retirement plan provider, raised a $12M Series A round led by Next Frontier Capital.

• Summer Health, a digital health platform, raised an $11.7M Series A round led by 7wire Ventures and Lux Capital.

• IBM announced it will acquire HashiCorp, a multi-cloud infrastructure automation company, for $6.4B.

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That’s it for this week. Let me know what you think!

🌜 Loryn from Dark Mode Digest