#ZS #Zscaler Deepens Its Push Into AI Security and Expanding Mobile/IoT Threat Defense Zscaler’s latest research underscored the scale of threat escalation. Android malware jumped 67%, with 239 malicious Play Store apps reaching 42M installs.

How Grab Makes Money: Ecosystem Scale, High-Frequency Usage, and Expanding Financial Services #GRAB Grab’s Q3 showed a business leaning into product-led growth and disciplined operating leverage. Revenue reached $873 million, up 22 percent year over year. 🧵👇

How Nebius Makes Money: AI Infrastructure First, AI Cloud Next #NBIS #Nebius sitting at –30.1% from its ATH raises a fair question: is the structure holding the business back, or is the market misreading the model? Here’s a clear look at how the company actually makes money and what Q3 showed. 🧵👇

#DDOG #Datadog was named a Leader in the 2025 Gartner Magic Quadrant for Digital Experience Monitoring for the second year, driven by its expanded DEM suite and the integration of Eppo’s experimentation and feature-management platform, which strengthens its ability to optimize end-user experiences.

#Google Hitting All-Time Highs While the Market Pulls Back — Here’s the Real Reason It’s Winning #GOOGL is ripping to new highs even as the Nasdaq 100 drops nearly 3%. When the market steps back, Google steps forward — and the numbers explain why. 👇🧵

#SNOW #Snowflake Pushes Toward an Enterprise-Grade AI Lakehouse Snowflake is leaning hard into its evolution as an enterprise AI platform. The lakehouse now centers on Horizon Catalog and Openflow, offering a universal governance layer with open APIs that let external engines securely access.

#CRWD CrowdStrike Extends Its Lead in AI-Native Security Across Cloud, Identity, and Operations CrowdStrike keeps stacking strategic wins, from platform expansion to industry recognition.

How #SE #SeaLimited Makes Money: Marketplace Monetization, Financial Services Scale, and a Reaccelerating Gaming Engine Sea’s model is firing across all three pillars.

#MNDY Down 55% from 52w high, but execution remains strong Monday’s Q3 showed resilience across key metrics. Revenue rose 26.3% year over year, while free cash flow margin hit 29.1%—a strong balance between growth and profitability.

Key points from #ZS #Zscaler Third Quarter 2025 Earnings Call: Financial Performance: Revenue hit $788M (+26% YoY, +10% QoQ), beating guidance. ARR reached $3.2B (+26%), RPO $5.9B (+35%) with 47% current. Gross margin was 79.9% (vs. 80.6% last year).

#GOOGL #Google Revenue by Segment ➡️Google Search $56,567M rev (+14.5% YoY, 55.3% of Rev)🟡 ➡️YouTube ads $10,261M rev (+15.0% YoY, 10.0% of Rev)🟡 ↘️Google Network $7,354M rev (-2.6% YoY, 7.2% of Rev)🟡 ➡️Google advertising $74,182M rev (+12.6% YoY, 72.5% of Rev)🟡

Google at All-Time Highs While the Market Pulls Back – Here’s Why It’s Still Winning #GOOGL is pushing to new highs even as the Nasdaq 100 slips almost 4%, and Magnificent index $MAGS -5% ATH. The reason is simple: the company isn’t just growing, it’s compounding across every major line. 👇

Workday Posts Solid Q3 With Strong Margins And Steady Subscription Growth #WDAY #Workday Subscription revenue climbed 14.5% to $2.24B, keeping the growth engine well above industry averages.

Thoughts on #Zscaler Earnings Report #ZS: 🟢 Positive • Revenue $788M (+26% YoY*, +10% QoQ) beat guidance; EPS $0.96 (+11.6% vs est). • ARR $3.2B (+26% YoY); RPO $5.9B (+35% YoY); Net New ARR $276M (+96% YoY). • Free Cash Flow Margin 52% (+6 pts YoY), achieving Rule-of-78.

#Zscaler #ZS Q3'25 Results: ↗️$788.1M rev (+25.5% YoY, +9.6% QoQ) beat est by 1.9% ↘️GM* (79.9%, -0.7 PPs YoY)🟡 ↗️Operating Margin* (21.8%, +0.5 PPs YoY) ↗️FCF Margin (52.4%, +6.0 PPs YoY)🟢 ↗️Net Margin (-1.5%, +0.5 PPs YoY) ↗️EPS* $0.96 beat est by 11.6%🟢 *non-GAAP Key Metrics

#Zscaler #ZS Q3'25 Results: ↗️$788.1M rev (+25.5% YoY, +9.6% QoQ) beat est by 1.9% ↘️GM* (79.9%, -0.7 PPs YoY)🟡 ↗️Operating Margin* (21.8%, +0.5 PPs YoY) ↗️FCF Margin (52.4%, +6.0 PPs YoY)🟢 ↗️Net Margin (-1.5%, +0.5 PPs YoY) ↗️EPS* $0.96 beat est by 11.6%🟢 *non-GAAP Key Metrics

Dilution in SaaS: How Much Future Growth Is Being Eaten by Shareholder Dilution By comparing outstanding share count growth directly against estimated revenue growth, you can clearly see what portion of expected revenue expansion will be absorbed by dilution.

How Google Makes Money: Search Strength, Cloud Acceleration, and AI-Led Upside #GOOGL Google’s model still runs on a powerful flywheel: search demand, ad relevance, and global distribution. Search alone delivered $56.6B, more than half of total revenue.

Google Cloud Just Flipped Into a Profit Machine—Here’s What’s Driving It #GOOGL Cloud revenue $15.2B in Q3, up 34% year over year, with operating income soaring 85% to $3.6B. Margin expanded to 23.7%, showing the business is shifting from heavy investment to real leverage.

Cybersecurity Stocks Are Crashing — But Is This the Buying Opportunity? Yet cybersecurity remains one of tech’s strongest secular stories with 9–13% CAGR growth expectations through the decade.

Gemini and Veo 3 Are Scaling Faster Than Any Product in Google’s History #GOOGL Gemini adoption exploded: 650M MAUs, 3× query growth since Q2, and 1.3 quadrillion tokens/month processed across Google’s ecosystem.

AI Semiconductors Supercycle — But Has It Already Peaked? From 52-week highs: #AVGO -2.0%, #TSM -6.0%, #MU -11.6%, #NVDA -11.8%, #AMD -18.6%, #MRVL -33.5%, #ALAB -41.3%.

#Zscaler #ZS Q3'25 Earnings Preview Consensus Estimates: Revenue $773M (+23.1% YoY) EPS $0.86 (+11.7% YoY) If $ZS beat estimates by 1.8% (same as last quarter) Q3'25 Revenue Growth will be +25.4% YoY Guidance: Q3'25 $772 - $774M guide (+23.1% YoY) $3,265 - $3,284M FY guide (+22.5% YoY)

Let's consider the Rule of 40 metric for evaluating SaaS* companies compared to valuation by Forward EV/S multiple. The Rule of 40 helps investors balance growth and profitability, offering deeper insights into company efficiency, unlike EV/S multiples which reflect only revenue expectations.

Cybersecurity Stocks Are Crashing — But Is This the Buying Opportunity? From 52-week highs: #CRWD −12.0%, #CYBR −15.7%, #ZS −17%, #PANW −17.4%, #NET −26.4%, #FTNT −31.2%, #RBRK −33.2%, #OKTA −37.7%, #S −43.7%.

Are we in a SaaS bubble? Let’s look through the only lens that matters 👇 1️⃣ EV/Sales vs Forward Growth A high multiple isn’t expensive if growth is strong — and a low one isn’t cheap if it’s collapsing.

The Price/Sales/Growth (PSG) metric is a valuable valuation tool used to evaluate software companies, offering a detailed perspective that goes beyond traditional price-to-sales (P/S) ratios by incorporating the growth aspect of the business.

The Rule of 40 is a pivotal financial metric used to evaluate the performance of SaaS and other growth-oriented software companies. It serves as a benchmark that balances revenue growth and profitability, providing a comprehensive snapshot of a company's overall financial health.

Let's examine SaaS companies* valuations by analyzing the Forward EV/Gross Profit (GAAP) multiple relative to their projected NTM revenue growth.

SaaS companies* are typically evaluated based on the Forward EV/Sales multiple relative to their projected NTM revenue growth.

Key points from #VEEV Veeva Systems Third Quarter 2025 Earnings Call: Financial Performance: Q3 revenue reached $811M with non-GAAP operating income of $365M, both above guidance. FY26 outlook raised on early deal timing and strength in R&D, SMB, Crossix, and services.

Thoughts on Veeva Systems Earnings Report $VEEV: 🟢 Positive • Revenue $811.2M (+16.0% YoY, +2.8% QoQ); EPS* $2.04 (+4.6% vs est); Operating Margin* 45.0% (+1.5 pp YoY); GM* 77.6% (+0.3 pp YoY) • Subscription revenue $682.5M (+17.5% YoY); Sub GM* 86.6% (+0.4 pp YoY)

Veeva Syslems #VEEV Q3'25 Results: ↗️$811.2M rev (+16.0% YoY, +2.8% QoQ) beat est by 2.4% ↗️GM* (77.6%, +0.3 PPs YoY) ↗️Operating Margin* (45.0%, +1.5 PPs YoY)🟢 ↘️FCF Margin (22.5%, -0.3 PPs YoY)🟡 ↗️Net Margin (29.1%, +2.5 PPs YoY) ↗️EPS* $2.04 beat est by 4.6%🟢 *non-GAAP Key Metrics

#ESTC Elastic Q3’25: Strong Growth, Firmer Margins, Cloud Momentum Elastic just delivered another quarter that shows a company finding its stride in the AI-search era. Revenue climbed 16% YoY to $423M and gross margin held firm at 75%.

#INTU Intuit posts a standout quarter with revenue up 18% and margins surging across the board Intuit delivered a clean beat on both the top and bottom line. Revenue reached $3.9B, ahead of expectations, and operating income nearly doubled.

#VEEV Q3'25 Results: ↗️$811.2M rev (+16.0% YoY, +2.8% QoQ) beat est by 2.4% ↗️GM* (77.6%, +0.3 PPs YoY) ↗️Operating Margin* (45.0%, +1.5 PPs YoY)🟢 ↘️FCF Margin (22.5%, -0.3 PPs YoY)🟡 ↗️Net Margin (29.1%, +2.5 PPs YoY) ↗️EPS* $2.04 beat est by 4.6%🟢 *non-GAAP Key Metrics

$VEEV Q3'25 Earnings Preview Consensus Estimates: Revenue $1M (+13.3% YoY) EPS $1.95 (+11.4% YoY) If $VEEV beat estimates by 2.8% (same as last quarter) Q3'25 Revenue Growth will be +16.5% YoY Guidance: Q3'25 $790 - $793M guide (+13.2% YoY) $3,134 - $3,140M FY guide (+14.2% YoY) raised by 1.29%

#NVDA The AI Supercycle Is Still Accelerating AI supercycle is accelerating faster than anyone expected. This wasn’t a beat — it was a seismic reset of what “scale” means in tech. Here’s the breakdown 👇

Key points from #PANW Palo Alto Networks Third Quarter 2025 Earnings Call: Financial Performance: Q1 FY26 revenue reached $2.47B (+16% YoY), exceeding guidance. RPO rose 24% to $15.5B, current RPO +16% to $6.9B, and NGS ARR hit $5.85B (+29%).

Key points from #NVDA #Nvidia’s Third Quarter 2025 Earnings Call: Financial Performance: Q3 FY26 revenue reached $57B (+62% YoY, +22% QoQ), led by Data Center ($51B). Gross margin expanded to 73.4% GAAP / 73.6% non-GAAP, supported by mix and efficiency.

Thoughts on #PaloAltoNetworks Earnings Report #PANW: 🟢 Positive • Revenue of $2.47B grew +16% YoY and beat guidance; NGS ARR reached $5.85B (+29% YoY), with net new NGS ARR 20%+ growth ex-QRadar.

Thoughts on #Nvidia Earnings Report #NVDA: 🟢 Positive • Revenue: Q3 FY26 revenue $57.0B (+62% YoY, +22% QoQ) and beat by ~4%; Q4 guide $65.0B (+65% YoY) beat by ~6.6%.

Palo Alto #PANW Q3'25 Results: ↗️$2,474.0M rev (+15.7% YoY, -2.5% QoQ) beat est by 0.5% ↘️GM* (74.2%, -3.1 PPs YoY)🟡 ↗️Operating Margin* (30.2%, +1.3 PPs YoY) ↘️FCF Margin (68.2%, -0.3 PPs YoY)🟡 ↘️Net Margin (13.5%, -2.9 PPs YoY)🟡 ↗️EPS* $0.93 beat est by 4.5% *non-GAAP Revenue By Type

#Nvidia #NVDA Q3'25 Results: ↗️$57.0B rev (+62.5% YoY, +22.0% QoQ) beat est by 4.0% ↘️GM (73.4%, -1.1 PPs YoY)🟡 ↗️Operating Margin (63.2%, +0.8 PPs YoY) ↘️FCF Margin (38.7%, -9.1 PPs YoY)🟡 ↗️Net Margin (56.0%, +0.9 PPs YoY) ↗️EPS* $1.30 beat est by 4.0%🟢 *- non-GAAP Key Metrics

#PANW Q3'25 Results: ↗️$2,474.0M rev (+15.7% YoY, -2.5% QoQ) beat est by 0.5% ↘️GM* (74.2%, -3.1 PPs YoY)🟡 ↗️Operating Margin* (30.2%, +1.3 PPs YoY) ↘️FCF Margin (68.2%, -0.3 PPs YoY)🟡 ↘️Net Margin (13.5%, -2.9 PPs YoY)🟡 ↗️EPS* $0.93 beat est by 4.5% *non-GAAP Revenue By Type Product

#Nvidia #NVDA Q3'25 Results: ↗️$57.0B rev (+62.5% YoY, +22.0% QoQ) beat est by 4.0% ↘️GM (73.4%, -1.1 PPs YoY)🟡 ↗️Operating Margin (63.2%, +0.8 PPs YoY) ↘️FCF Margin (38.7%, -9.1 PPs YoY)🟡 ↗️Net Margin (56.0%, +0.9 PPs YoY) ↗️EPS* $1.30 beat est by 4.0%🟢 *- non-GAAP Key Metrics

AI keeps extending the Magnificent 7’s lead — but what about valuation? Yet over the last month, $MAGS dropped −6.0% off ATH, raising a key question: Are the AI leaders overvalued? Analysts still project strong NTM EPS growth:

#NBIS is down −33% from ATH, but Nebius sold out every single megawatt. Growth didn’t slow: Q3 revenue reached $146M (+355% YoY, +39% QoQ).

SBC Efficiency in SaaS Stock-Based Compensation (SBC) relative to estimated revenue growth is an important metric for evaluating SaaS companies. SBC is a critical tool for attracting and retaining top talent while aligning employee incentives with long-term business performance.

The Magnificent 7 are launching the biggest AI CapEx supercycle in market history — and $NVDA is set to be the prime beneficiary. Hyperscalers are racing to build AI infrastructure at unmatched scale. The spending acceleration is unlike anything the cloud era has seen. #NVDA Q3’25 consensus: