Strength at the Top: Google Doubles, Disney Accelerates, ONON Delivers

Travis Hoium
11-14

1. $Alphabet(GOOG)$ $Alphabet(GOOGL)$

Slowly and then all at once.

Shares have nearly doubled since early April. I guess ChatGPT didn't disrupt Google after all.

Line chart displaying percentage change in Alphabet Inc. GOOG stock from May to October, starting near 0% and rising to about 35% by late October, with green upward trend line on light green background, labeled with months and total change of 37.1% CAGR 8.4%

2. $Walt Disney(DIS)$

2 big takeaways from Disney’s report.

1. Streaming inflection: DTC now generates +3x the revenue of linear TV and almost as will soon pass in operating income.

2. Experiences pass $10 billion in op income and growing double digits!

3. $On Holding AG(ONON)$

Outstanding results once again from On. Currencies always confuse the market so here’s the constant currency numbers:

- Revenue up 34.5%

- Adjusted EBITDA margin was 22.6%

- Full-year revenue growth guide increased to 34% (from 31%)

- Adjusted EBITDA margin guide of 18.0% (previously 17.0-17.5%)

It’s insane the stock is still as cheap as it is.

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