📊 PRO: This Week in Visuals
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Today at a glance:
👷 Home Depot: Small Projects Strength
🇨🇳 Alibaba: Cloud Accelerates
📦 PDD: Stimulus Softens the Blow
🦅 Crowdstrike: ARR Rebound
💻 Dell: AI Server Strength
📶 Marvell: Guidance Disappoints
❄️ Snowflake: AI Tailwind Accelerates
🏗️ Autodesk: Raise on AECO Strength
🧑⚕️ Veeva: Still Beating and Raising
🌈 Affirm: Turning Profitable
🌱 MongoDB: Atlas Accelerates
🔐 Okta: Long-Term Deals Shine
🛒 Best Buy: Sales Rebound
🔍 Elastic: Raising the Low Bar
👁️ SentinelOne: ARR Hits One Billion
1.👷 Home Depot: Small Projects Strength
Home Depot’s Q2 revenue rose 5% Y/Y to $45.3 billion (in-line), while adjusted EPS was $4.68 ($0.01 miss). Most of the growth came from the “Other” segment following the SRS acquisition last year.
Comparable sales grew 1.0% (below expectations), with US comps up 1.4% and strength in smaller projects like lighting, gardening, and everyday repairs. Transactions declined 0.4% but the average ticket increased 1.4%. Online sales climbed about 12%, and 12 of 16 merchandising departments posted positive comps. Both DIY and Pro spending improved, July US comps ran above 3%, and management said customers are deferring—not canceling—large projects.
Home Depot reaffirmed its full-year guidance for a full-year sales growth of nearly 3%, comparable sales growth of about 1%, and adjusted EPS down roughly 2%. Tariffs will trigger modest price increases in select categories later this year (about half of products are US-sourced), and Home Depot is accelerating supply-chain diversification.
The Pro ecosystem remains a priority as SRS integration drives revenue synergies, and the pending $4.3 billion GMS acquisition is expected to expand specialty building-products capabilities. Management sees potential upside if mortgage rates ease, but its outlook does not assume a near-term rebound in big, financed remodels.
2. 🇨🇳 Alibaba: Cloud Accelerates
Alibaba’s June quarter revenue rose 2% Y/Y to $34.6 billion ($0.9 billion miss), while non-GAAP EPADS was $2.06 ($0.10 miss). On a like-for-like basis, excluding the Sun Art and Intime disposals, revenue would have grown about 10% Y/Y.
China e-commerce revenue increased 10%, and Cloud accelerated 26% Y/Y (from 18% Y/Y in the prior quarter), with AI-related product revenue posting an eighth straight quarter of triple-digit growth. Operating margin declined slightly to 14% and adjusted net income fell 18% amid heightened investment, even as reported net profit benefited from investment gains and a disposal.
Management leaned into two priorities: AI and instant/quick commerce. Cloud momentum is being driven by Qwen models and AI services, while rapid-commerce investments boosted user and order activity but pressured margins amid an industry price war with JD and Meituan. International commerce grew 19% Y/Y, helping diversify growth.
The setup is mixed near-term. AI and cloud are gaining share, but competition and deflationary pressures in local e-commerce weigh on profitability. It leaves execution on AI monetization and disciplined spending as the key catalysts ahead.