常被收割斐菜弟 personal page - To The Moon

常被收割斐菜弟

常被收割斐菜弟

No personal profile

47Follow

5Followers

0Topic

0Badge

常被收割斐菜弟

2023-05-30

‌$Tiger Brokers(TIGR)$ ‌BULL time!

常被收割斐菜弟

2022-04-01

$老虎证券(TIGR)$wait will go up 🫣

常被收割斐菜弟

2023-05-30

continuos growth ~

Sorry, the original content has been removed

常被收割斐菜弟

2021-08-13

as you wish

[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations

常被收割斐菜弟

2021-07-09

666

TSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes

常被收割斐菜弟

2023-07-03

time goes fast

常被收割斐菜弟

2021-06-24

?

Sorry, the original content has been removed

常被收割斐菜弟

2021-06-14

Haowen

How did Jobs interview me back then?

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"3563794025631350","uuid":"3563794025631350","gmtCreate":1600700003000,"gmtModify":1605234908555,"name":"常被收割斐菜弟","pinyin":"cbsgfcdchangbeishougefeicaidi","introduction":"","introductionEn":null,"signature":"","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":5,"headSize":47,"tweetSize":74,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":3,"name":"书生虎","nameTw":"書生虎","represent":"努力向上","factor":"发布10条非转发主帖,其中5条获得他人回复或点赞","iconColor":"3C9E83","bgColor":"A2F1D9"},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":10,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-3","templateUuid":"1026c425416b44e0aac28c11a0848493","name":" Tiger Idol","description":"Join the tiger community for 1500 days","bigImgUrl":"https://static.tigerbbs.com/8b40ae7da5bf081a1c84df14bf9e6367","smallImgUrl":"https://static.tigerbbs.com/f160eceddd7c284a8e1136557615cfad","grayImgUrl":"https://static.tigerbbs.com/11792805c468334a9b31c39f95a41c6a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2024.10.31","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.09.08","exceedPercentage":"93.64%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLink":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2021.12.21","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100}],"userBadgeCount":4,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":11,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"hot","tweets":[{"id":193943933280504,"gmtCreate":1688389364442,"gmtModify":1688389370208,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"time goes fast","listText":"time goes fast","text":"time goes fast","images":[{"img":"https://community-static.tradeup.com/news/ce628d97666529764003c43a914af3cd","width":"1125","height":"1476"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193943933280504","isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":181993575682080,"gmtCreate":1685441095409,"gmtModify":1685441099965,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"continuos growth ~","listText":"continuos growth ~","text":"continuos growth ~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181993575682080","repostId":"1109639686","repostType":2,"repost":{"id":"1109639686","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1685433668,"share":"https://ttm.financial/m/news/1109639686?lang=en_US&edition=fundamental","pubTime":"2023-05-30 16:01","market":"us","language":"en","title":"UP Fintech Posts Solid 2023 Q1 Results As Global Expansion Scales up","url":"https://stock-news.laohu8.com/highlight/detail?id=1109639686","media":"Tiger Newspress","summary":"Singapore and New York, May 30, 2023 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Na","content":"<html><head></head><body><p><strong>Singapore and New York, May 30, 2023 — UP Fintech Holding Limited</strong> (&#34;UP Fintech&#34; or the &#34;Company&#34;, Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended March 31, 2023. Thanks to a scalable global expansion strategy and an unwavering commitment to fintech innovation, <strong>the company&#39;s revenue stood at US$66.33 million during the period, up 26.0% year-over-year (YoY). The non-GAAP profit attributable to UP Fintech reached US$10.33 million, registering a 128.5% increase QoQ.</strong></p><p><strong>During the first quarter, 52,534 new customer accounts were added, up 39.8% QoQ, pushing the global total to 2.06 million. The number of new customers with deposits (number of funded accounts) rose by 30,392, or up 11.2% from the previous quarter, to 811,900.</strong></p><p>The total trading volume by customers stood at US$67.0 billion on the company&#39;s platform, of which US$23.0 billion was calculated from stock trading, along with 7.89 million options and futures contracts. The total customer asset amounted to US$16.1 billion during the reporting period, up 15.2% QoQ, and the total asset funded by customers approached US$1.2 billion.</p><p>Wu Tianhua, CEO and founder of UP Fintech, said: &#34;Amid the global market&#39;s modest recovery in the first quarter,<strong> the company&#39;s revenue and profit saw solid growth, with both our commission and interest-related income, and non-GAAP profit doubled on a quarterly basis. Worth mentioning, our non-GAAP profit marked a two-year high.</strong>&#34;</p><p>&#34;On the fintech innovation front, we brought the industry&#39;s first AI investment assistant, TigerGPT<strong>.</strong> The text-generating AI chatbot aims to provide intelligent decision-making support for global investors. In this period, <strong>our self-clearing technologies were gradually applying to Hong Kong stock trading orders, helping nearly halve our clearing expenses on a quarterly basis.&#34;</strong></p><p>&#34;In our global expansion journey, we tread steadily during the past quarter. Sequential growth was seen in both the number of new customer accounts and the number of new funded accounts, and<strong> a strong rise was witnessed in the net asset inflow</strong>, indicating that we gained widespread trust for our one-stop global investing offerings from investors worldwide. Looking ahead, the company is committed to leveling up its products and services, in leverage to consolidate its leading position in various global markets, while maintaining long-term and sustainable growth momentum,&#34; he added.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14eb106b78e59e0278b733a51e34c814\" tg-width=\"1080\" tg-height=\"22958\"/></p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>UP Fintech Posts Solid 2023 Q1 Results As Global Expansion Scales up</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nUP Fintech Posts Solid 2023 Q1 Results As Global Expansion Scales up\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2023-05-30 16:01</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><strong>Singapore and New York, May 30, 2023 — UP Fintech Holding Limited</strong> (&#34;UP Fintech&#34; or the &#34;Company&#34;, Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended March 31, 2023. Thanks to a scalable global expansion strategy and an unwavering commitment to fintech innovation, <strong>the company&#39;s revenue stood at US$66.33 million during the period, up 26.0% year-over-year (YoY). The non-GAAP profit attributable to UP Fintech reached US$10.33 million, registering a 128.5% increase QoQ.</strong></p><p><strong>During the first quarter, 52,534 new customer accounts were added, up 39.8% QoQ, pushing the global total to 2.06 million. The number of new customers with deposits (number of funded accounts) rose by 30,392, or up 11.2% from the previous quarter, to 811,900.</strong></p><p>The total trading volume by customers stood at US$67.0 billion on the company&#39;s platform, of which US$23.0 billion was calculated from stock trading, along with 7.89 million options and futures contracts. The total customer asset amounted to US$16.1 billion during the reporting period, up 15.2% QoQ, and the total asset funded by customers approached US$1.2 billion.</p><p>Wu Tianhua, CEO and founder of UP Fintech, said: &#34;Amid the global market&#39;s modest recovery in the first quarter,<strong> the company&#39;s revenue and profit saw solid growth, with both our commission and interest-related income, and non-GAAP profit doubled on a quarterly basis. Worth mentioning, our non-GAAP profit marked a two-year high.</strong>&#34;</p><p>&#34;On the fintech innovation front, we brought the industry&#39;s first AI investment assistant, TigerGPT<strong>.</strong> The text-generating AI chatbot aims to provide intelligent decision-making support for global investors. In this period, <strong>our self-clearing technologies were gradually applying to Hong Kong stock trading orders, helping nearly halve our clearing expenses on a quarterly basis.&#34;</strong></p><p>&#34;In our global expansion journey, we tread steadily during the past quarter. Sequential growth was seen in both the number of new customer accounts and the number of new funded accounts, and<strong> a strong rise was witnessed in the net asset inflow</strong>, indicating that we gained widespread trust for our one-stop global investing offerings from investors worldwide. Looking ahead, the company is committed to leveling up its products and services, in leverage to consolidate its leading position in various global markets, while maintaining long-term and sustainable growth momentum,&#34; he added.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/14eb106b78e59e0278b733a51e34c814\" tg-width=\"1080\" tg-height=\"22958\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TIGR":"老虎证券"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109639686","content_text":"Singapore and New York, May 30, 2023 — UP Fintech Holding Limited (\"UP Fintech\" or the \"Company\", Nasdaq: TIGR, and all its subsidiaries and consolidated entities), a leading online brokerage with a focus on redefining global investing with technologies for the next generation, announced its unaudited financial results for the three months ended March 31, 2023. Thanks to a scalable global expansion strategy and an unwavering commitment to fintech innovation, the company's revenue stood at US$66.33 million during the period, up 26.0% year-over-year (YoY). The non-GAAP profit attributable to UP Fintech reached US$10.33 million, registering a 128.5% increase QoQ.During the first quarter, 52,534 new customer accounts were added, up 39.8% QoQ, pushing the global total to 2.06 million. The number of new customers with deposits (number of funded accounts) rose by 30,392, or up 11.2% from the previous quarter, to 811,900.The total trading volume by customers stood at US$67.0 billion on the company's platform, of which US$23.0 billion was calculated from stock trading, along with 7.89 million options and futures contracts. The total customer asset amounted to US$16.1 billion during the reporting period, up 15.2% QoQ, and the total asset funded by customers approached US$1.2 billion.Wu Tianhua, CEO and founder of UP Fintech, said: \"Amid the global market's modest recovery in the first quarter, the company's revenue and profit saw solid growth, with both our commission and interest-related income, and non-GAAP profit doubled on a quarterly basis. Worth mentioning, our non-GAAP profit marked a two-year high.\"\"On the fintech innovation front, we brought the industry's first AI investment assistant, TigerGPT. The text-generating AI chatbot aims to provide intelligent decision-making support for global investors. In this period, our self-clearing technologies were gradually applying to Hong Kong stock trading orders, helping nearly halve our clearing expenses on a quarterly basis.\"\"In our global expansion journey, we tread steadily during the past quarter. Sequential growth was seen in both the number of new customer accounts and the number of new funded accounts, and a strong rise was witnessed in the net asset inflow, indicating that we gained widespread trust for our one-stop global investing offerings from investors worldwide. Looking ahead, the company is committed to leveling up its products and services, in leverage to consolidate its leading position in various global markets, while maintaining long-term and sustainable growth momentum,\" he added.","news_type":1,"symbols_score_info":{"TIGR":0.9}},"isVote":1,"tweetType":1,"viewCount":2557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181964696727600,"gmtCreate":1685434046975,"gmtModify":1685434050829,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"‌<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>‌BULL time!","listText":"‌<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>‌BULL time!","text":"‌$Tiger Brokers(TIGR)$ ‌BULL time!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/181964696727600","isVote":1,"tweetType":1,"viewCount":3169,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573844480353095","authorId":"3573844480353095","name":"Z. Long","avatar":"https://community-static.tradeup.com/news/264b8c529bdd6c37375c523e24205e54","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3573844480353095","idStr":"3573844480353095"},"content":"Earning hasnt even released yet","text":"Earning hasnt even released yet","html":"Earning hasnt even released yet"},{"author":{"id":"3577330851763964","authorId":"3577330851763964","name":"ToTheSun0000","avatar":"https://static.itradeup.com/news/d9efa26d1020f421dd5d2f8cfab0545e","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3577330851763964","idStr":"3577330851763964"},"content":"Good financial result!!!!!!","text":"Good financial result!!!!!!","html":"Good financial result!!!!!!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011350782,"gmtCreate":1648821265597,"gmtModify":1676534404805,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>wait will go up 🫣","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>wait will go up 🫣","text":"$老虎证券(TIGR)$wait will go up 🫣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011350782","isVote":1,"tweetType":1,"viewCount":2731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894570441,"gmtCreate":1628843144583,"gmtModify":1676529872088,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"as you wish","listText":"as you wish","text":"as you wish","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894570441","repostId":"1160159313","repostType":4,"repost":{"id":"1160159313","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628842098,"share":"https://ttm.financial/m/news/1160159313?lang=en_US&edition=fundamental","pubTime":"2021-08-13 16:08","market":"other","language":"zh","title":"[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=1160159313","media":"老虎资讯综合","summary":"8月13日，ContextLogic盘前跌超17%，Q2营收不及预期。\n\n财报显示，第二季度营收6.56亿美元，市场预期7.22亿美元；第二季度净亏损1.11亿美元，市场预期净亏损0.93亿美元；每股","content":"<p>On August 13, ContextLogic fell more than 17% before the market opened, and Q2 revenue fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/94c7dcd93f6855cfebaa717121092643\" tg-width=\"875\" tg-height=\"673\" width=\"100%\" height=\"auto\"></p><p>The financial report shows that revenue in the second quarter was US $656 million, compared with market expectations of US $722 million; The net loss in the second quarter was US $111 million, and the market expected a net loss of US $93 million; The loss per share was $0.18, which fell short of market expectations.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-13 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 13, ContextLogic fell more than 17% before the market opened, and Q2 revenue fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/94c7dcd93f6855cfebaa717121092643\" tg-width=\"875\" tg-height=\"673\" width=\"100%\" height=\"auto\"></p><p>The financial report shows that revenue in the second quarter was US $656 million, compared with market expectations of US $722 million; The net loss in the second quarter was US $111 million, and the market expected a net loss of US $93 million; The loss per share was $0.18, which fell short of market expectations.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00dac9da971ee0e08b72a17d0d0b507","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160159313","content_text":"8月13日，ContextLogic盘前跌超17%，Q2营收不及预期。\n\n财报显示，第二季度营收6.56亿美元，市场预期7.22亿美元；第二季度净亏损1.11亿美元，市场预期净亏损0.93亿美元；每股亏损0.18美元，低于市场预期。","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143738739,"gmtCreate":1625816797521,"gmtModify":1703749129032,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143738739","repostId":"1126813474","repostType":2,"repost":{"id":"1126813474","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625714224,"share":"https://ttm.financial/m/news/1126813474?lang=en_US&edition=fundamental","pubTime":"2021-07-08 11:17","market":"us","language":"zh","title":"TSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes","url":"https://stock-news.laohu8.com/highlight/detail?id=1126813474","media":"老虎资讯综合","summary":"7月7日消息，$台积电 $将于7月15日美股盘前发布2021年第二季度财务报告。实际上，$台积电$的业绩一直很稳，投资者无需过分担忧。考虑到二季度全球芯片短缺，台积电产能爆满，可以推测，二季度业绩稳稳的增长基本已板上钉钉。（更新：7月9日台积电发布6月收入状况，6月营收新台币1484.7亿元，同比增长22.8%；2021年1-6月的营业收入总额为新台币7345.6亿元，同比增长18.2%。","content":"<p>News on July 7,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The financial report for the second quarter of 2021 will be released before the U.S. stock market opens on July 15. Actually,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The performance has been very stable, and investors don't need to worry too much. Considering the global chip shortage in the second quarter and TSMC's full production capacity, it can be speculated that the steady growth of performance in the second quarter is basically certain.</p><p>Previously, TSMC had disclosed its revenue status in April and May respectively. Among them, revenue in April was NT $111.315 billion (approximately US $3.975 billion), a year-on-year increase of 16.5%; Revenue in May was NT $112.36 billion (approximately US $4.012 billion), a year-on-year increase of 17.1%.</p><p>(Update: On July 9, TSMC released its revenue status in June. The revenue in June was NT $148.47 billion, a year-on-year increase of 22.8%; the total operating income from January to June 2021 was NT $734.56 billion, a year-on-year increase of 18.2%.)</p><p><b>First Quarter Results Review</b></p><p><ul><li>The financial report shows that TSMC's revenue in the first quarter was NT $361.41 billion (approximately US $12.92 billion), a year-on-year increase of 16.7% and a quarter-on-quarter increase of 0.2%.</li><li>In terms of gross profit, TSMC's gross profit in the first quarter was NT $189.839 billion (approximately US $6.767 billion), a year-on-year increase of 18.1%, but a quarter-on-quarter decline of 2.8%. The gross profit margin was 52.4%, a year-on-year increase of 0.6% and a month-on-month decrease of 1.6%.</li><li>In terms of net profit, TSMC's net profit in the first quarter was NT $139.739 billion (approximately US $4.981 billion), a year-on-year increase of 19.4%. However, like gross profit, it was not as good as the previous quarter, falling 2.2% month-on-month.</li></ul>Although TSMC's gross profit and net profit in the first quarter were lower than those in the previous quarter, they still met market expectations.</p><p>Extending the time to nearly three years, it can be seen that TSMC's revenue shows obvious seasonal fluctuations, and the revenue in the first half of the year is often not as good as that in the second half of the year. The revenue in Q1 and Q2 quarters of 2019 was not as good as that in Q3 and Q4 of the same year, and the same is true in 2020. Secondly, Q1 revenue in 2019 and 2020 declined month-on-month, while in<b>While the single-quarter revenue of Q1 in 2021 reached a new high, it also achieved a slight increase in revenue from the previous quarter.</b></p><p><img src=\"https://static.tigerbbs.com/693551622df28887cf08c5c589bf5d78\" tg-width=\"696\" tg-height=\"462\"></p><p>Another positive change is that,<b>Starting from Q1 this year, revenue growth has also begun to rise. Previously, revenue growth has been declining for three consecutive quarters.</b></p><p>However, it is worth noting that TSMC's gross profit margin fell from the previous 54% to 52.4% in the first quarter. Bloomberg unanimously expects that the gross profit margin will further drop to 51.1% in the second quarter.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analysts predict that gross profit below 50% may become the norm in the future.</p><p><b>From the perspective of revenue composition,</b>In the first quarter, TSMC's main revenue came from<b>Smartphone and communications-related products and high-energy computing</b>, the revenue of the two businesses accounted for as high as 80%.</p><p><img src=\"https://static.tigerbbs.com/cf00187cef38de479df6729ea6e3cea9\" tg-width=\"568\" tg-height=\"487\" referrerpolicy=\"no-referrer\"></p><p>Secondly, from the perspective of manufacturing process technology, 5nm and 7nm revenue accounted for nearly 50%, which was the same as the previous quarter.<b>But it is worth noting that part of 5nm production capacity has been transferred to 7nm.</b>This makes 7nm revenue account for more than 30%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/134d25ecc9455ceda2d97ef3bf3d9406\" tg-width=\"722\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>As of the first quarter of 2021, TSMC has a market share of 56% and is one of only two foundries in the world equipped with 5nm and 7nm process technologies (the other is<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>）。 Currently, TSMC's major downstream customers are ranked from largest to smallest in terms of revenue contribution to TSMC:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(25.4%), $AMD (<a href=\"https://laohu8.com/S/AMD\">AMD</a>)$(9.2%)、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>(7.6%)、<a href=\"https://laohu8.com/S/INTC\">Intel</a>(7.2%) and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>(5.8%)。</p><p><img src=\"https://static.tigerbbs.com/ba7ae54911c0d0c2b84118041ced1eee\" tg-width=\"1264\" tg-height=\"920\" referrerpolicy=\"no-referrer\"></p><p>From a process perspective, according to Counterpoint Research research,<b>Global 5nm production capacity is mainly<a href=\"https://laohu8.com/S/AAPL\">Apple</a>And<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Division, 7nm production capacity is mainly divided by AMD,<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, Qualcomm and<a href=\"https://laohu8.com/S/INTC\">Intel</a>Carve up. Based on this speculation, TSMC's 5nm to 7nm production capacity transfer in the first quarter is likely to be related to Apple, followed by Qualcomm. This may also indirectly reflect that the growth of global smartphones may not be optimistic.</b></p><p><img src=\"https://static.tigerbbs.com/8d0fc5f6e1affebe44486cb372671778\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a80d9e0c9348a30a631996fed29e83a7\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p> <b>What factors deserve attention in the second quarter</b></p><p><b>1. Production capacity dominates second-quarter performance</b></p><p>In the second quarter, the world was still plagued by chip shortages, and TSMC was basically in a state of full production capacity.<b>Therefore, revenue in the second quarter is basically dominated by production capacity, and steady growth can be expected.</b>But in the long run, what deserves more attention is the growth prospects of smartphones and high-energy computing markets.</p><p>In terms of smartphones, growth opportunities are mainly in the switching from 4G to 5G. On the 18th of last month,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Zhan Jiahong, a semiconductor industry analyst, predicted in a report that the current 5G construction process is more than halfway. This year, the global 5G industry process will reach about 40%. In the next two to three years, 5G smartphones will replace 4G mobile phones. The number of chips in 5G smartphones is about 30% to 40% more than that in 4G phones.</p><p>In addition, the report predicts that if electronic industries such as VR, AR, and 6G break out ahead of schedule, it will stimulate an increase in demand for chips in related industrial chains, bring long-term certainty to the company's performance growth, and enable it to continue to maintain its leading position in the industry.</p><p><b>2. What impact will the United States support the semiconductor industry on TSMC?</b></p><p>TSMC's steady performance every quarter is obvious to all, but entering 2021, the disturbance of insufficient supply in the semiconductor industry has caused everyone to begin to re-examine the industry structure. As the United States begins to support the local semiconductor industry, will TSMC's performance be affected?</p><p>In April 2021, TSMC founder Zhang Zhongmou said in a speech,<b>The United States relies on subsidies to promote semiconductor manufacturing in the United States. In the long run, manufacturing costs are still higher than those in Taiwan Province.</b>However, China's semiconductor manufacturing technology lags behind Taiwan's by more than 5 years and is not a competitor in the short term. TSMC's real rival is South Korea's<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, because its advantages are similar to those of Taiwan.</p><p><b>3. Gross profit peaked? Capex Starting to Hurt Shareholders?</b></p><p>Looking back at TSMC's performance in the past three years, we can see that most of the time, the growth rate of TSMC's net profit is faster than the growth rate of revenue, but the market expects that this situation will reverse in the second quarter-the growth rate of net profit is not as good as the growth rate of revenue,<b>It is speculated that it may be caused by a substantial increase in capital investment.</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9969a86eebe4beb73121c78053fe641f\" tg-width=\"670\" tg-height=\"441\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>Against the background of the shortage of semiconductor chip production capacity, TSMC, as the global foundry leader, continues to increase capital expenditures. In the first quarter conference call, the company expects capital expenditures for the whole year of this year to be US $30 billion, while the planned expenditures at the beginning of the year were US $25 billion to US $28 billion., an increase of 10-20%. This compares to $17.2 billion in capital expenditures for the full year of 2020. In addition, in order to alleviate the pressure on production capacity supply, TSMC also announced early last month that it would invest US $100 billion in the next three years to aggressively expand production.</p><p><b>In the short term, there is no doubt that capital expenditure will hurt profits.</b>Morgan Stanley released a report on the 18th of last month stating that as TSMC's manufacturing process develops to 5nm. It is expected that there will be higher-intensity capital expenditures and a structural decline in the return on investment. As a result, TSMC may lose the cost advantage of Moore's Law, and gross profit margins below 50% may become the norm in the future.</p><p><b>Perhaps what investors need to pay more attention to is,</b>The trend toward increasing capital expenditures amid supply shortages and growing secular drivers,<b>It also shows that the market demand for TSMC chip foundry is relatively healthy.</b>Furthermore,<b>Capital expenditure itself also reflects the competitiveness of leading enterprises.</b>According to reports, most other semiconductor companies have withdrawn from the 3nm process'arms race 'due to high costs, while TSMC expects 3nm to enter mass production in the second half of 2022. In addition, its 4nm will enter the risk production stage in the third quarter.<b>Huge capital expenditures, technological advantages and supplier network will further build TSMC's moat and consolidate its winner-take-all advantage.</b>The hope of letting competitors catch up is getting slim.</p><p><b>How was the second quarter performance?</b></p><p><b>Performance guidance given by TSMC in the first quarter:</b>In the first quarter financial report, TSMC expects the company's revenue in the second quarter to be between US $12.9 billion and US $13.2 billion; The estimated gross profit margin is 49.5%-51.5%; The operating profit margin is 38.5%-40.5%.</p><p><b>Bloomberg:</b>Bloomberg unanimously expects that TSMC's revenue in the second quarter will be NT $371.24 billion, a year-on-year increase of 19%.<b>If realized, the quarterly revenue will also reach a new high;</b>Adjusted net profit was NT $136.48 billion; Gross profit margin was 51.1%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-08 11:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on July 7,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The financial report for the second quarter of 2021 will be released before the U.S. stock market opens on July 15. Actually,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The performance has been very stable, and investors don't need to worry too much. Considering the global chip shortage in the second quarter and TSMC's full production capacity, it can be speculated that the steady growth of performance in the second quarter is basically certain.</p><p>Previously, TSMC had disclosed its revenue status in April and May respectively. Among them, revenue in April was NT $111.315 billion (approximately US $3.975 billion), a year-on-year increase of 16.5%; Revenue in May was NT $112.36 billion (approximately US $4.012 billion), a year-on-year increase of 17.1%.</p><p>(Update: On July 9, TSMC released its revenue status in June. The revenue in June was NT $148.47 billion, a year-on-year increase of 22.8%; the total operating income from January to June 2021 was NT $734.56 billion, a year-on-year increase of 18.2%.)</p><p><b>First Quarter Results Review</b></p><p><ul><li>The financial report shows that TSMC's revenue in the first quarter was NT $361.41 billion (approximately US $12.92 billion), a year-on-year increase of 16.7% and a quarter-on-quarter increase of 0.2%.</li><li>In terms of gross profit, TSMC's gross profit in the first quarter was NT $189.839 billion (approximately US $6.767 billion), a year-on-year increase of 18.1%, but a quarter-on-quarter decline of 2.8%. The gross profit margin was 52.4%, a year-on-year increase of 0.6% and a month-on-month decrease of 1.6%.</li><li>In terms of net profit, TSMC's net profit in the first quarter was NT $139.739 billion (approximately US $4.981 billion), a year-on-year increase of 19.4%. However, like gross profit, it was not as good as the previous quarter, falling 2.2% month-on-month.</li></ul>Although TSMC's gross profit and net profit in the first quarter were lower than those in the previous quarter, they still met market expectations.</p><p>Extending the time to nearly three years, it can be seen that TSMC's revenue shows obvious seasonal fluctuations, and the revenue in the first half of the year is often not as good as that in the second half of the year. The revenue in Q1 and Q2 quarters of 2019 was not as good as that in Q3 and Q4 of the same year, and the same is true in 2020. Secondly, Q1 revenue in 2019 and 2020 declined month-on-month, while in<b>While the single-quarter revenue of Q1 in 2021 reached a new high, it also achieved a slight increase in revenue from the previous quarter.</b></p><p><img src=\"https://static.tigerbbs.com/693551622df28887cf08c5c589bf5d78\" tg-width=\"696\" tg-height=\"462\"></p><p>Another positive change is that,<b>Starting from Q1 this year, revenue growth has also begun to rise. Previously, revenue growth has been declining for three consecutive quarters.</b></p><p>However, it is worth noting that TSMC's gross profit margin fell from the previous 54% to 52.4% in the first quarter. Bloomberg unanimously expects that the gross profit margin will further drop to 51.1% in the second quarter.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analysts predict that gross profit below 50% may become the norm in the future.</p><p><b>From the perspective of revenue composition,</b>In the first quarter, TSMC's main revenue came from<b>Smartphone and communications-related products and high-energy computing</b>, the revenue of the two businesses accounted for as high as 80%.</p><p><img src=\"https://static.tigerbbs.com/cf00187cef38de479df6729ea6e3cea9\" tg-width=\"568\" tg-height=\"487\" referrerpolicy=\"no-referrer\"></p><p>Secondly, from the perspective of manufacturing process technology, 5nm and 7nm revenue accounted for nearly 50%, which was the same as the previous quarter.<b>But it is worth noting that part of 5nm production capacity has been transferred to 7nm.</b>This makes 7nm revenue account for more than 30%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/134d25ecc9455ceda2d97ef3bf3d9406\" tg-width=\"722\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>As of the first quarter of 2021, TSMC has a market share of 56% and is one of only two foundries in the world equipped with 5nm and 7nm process technologies (the other is<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>）。 Currently, TSMC's major downstream customers are ranked from largest to smallest in terms of revenue contribution to TSMC:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(25.4%), $AMD (<a href=\"https://laohu8.com/S/AMD\">AMD</a>)$(9.2%)、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>(7.6%)、<a href=\"https://laohu8.com/S/INTC\">Intel</a>(7.2%) and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>(5.8%)。</p><p><img src=\"https://static.tigerbbs.com/ba7ae54911c0d0c2b84118041ced1eee\" tg-width=\"1264\" tg-height=\"920\" referrerpolicy=\"no-referrer\"></p><p>From a process perspective, according to Counterpoint Research research,<b>Global 5nm production capacity is mainly<a href=\"https://laohu8.com/S/AAPL\">Apple</a>And<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Division, 7nm production capacity is mainly divided by AMD,<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, Qualcomm and<a href=\"https://laohu8.com/S/INTC\">Intel</a>Carve up. Based on this speculation, TSMC's 5nm to 7nm production capacity transfer in the first quarter is likely to be related to Apple, followed by Qualcomm. This may also indirectly reflect that the growth of global smartphones may not be optimistic.</b></p><p><img src=\"https://static.tigerbbs.com/8d0fc5f6e1affebe44486cb372671778\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a80d9e0c9348a30a631996fed29e83a7\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p> <b>What factors deserve attention in the second quarter</b></p><p><b>1. Production capacity dominates second-quarter performance</b></p><p>In the second quarter, the world was still plagued by chip shortages, and TSMC was basically in a state of full production capacity.<b>Therefore, revenue in the second quarter is basically dominated by production capacity, and steady growth can be expected.</b>But in the long run, what deserves more attention is the growth prospects of smartphones and high-energy computing markets.</p><p>In terms of smartphones, growth opportunities are mainly in the switching from 4G to 5G. On the 18th of last month,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Zhan Jiahong, a semiconductor industry analyst, predicted in a report that the current 5G construction process is more than halfway. This year, the global 5G industry process will reach about 40%. In the next two to three years, 5G smartphones will replace 4G mobile phones. The number of chips in 5G smartphones is about 30% to 40% more than that in 4G phones.</p><p>In addition, the report predicts that if electronic industries such as VR, AR, and 6G break out ahead of schedule, it will stimulate an increase in demand for chips in related industrial chains, bring long-term certainty to the company's performance growth, and enable it to continue to maintain its leading position in the industry.</p><p><b>2. What impact will the United States support the semiconductor industry on TSMC?</b></p><p>TSMC's steady performance every quarter is obvious to all, but entering 2021, the disturbance of insufficient supply in the semiconductor industry has caused everyone to begin to re-examine the industry structure. As the United States begins to support the local semiconductor industry, will TSMC's performance be affected?</p><p>In April 2021, TSMC founder Zhang Zhongmou said in a speech,<b>The United States relies on subsidies to promote semiconductor manufacturing in the United States. In the long run, manufacturing costs are still higher than those in Taiwan Province.</b>However, China's semiconductor manufacturing technology lags behind Taiwan's by more than 5 years and is not a competitor in the short term. TSMC's real rival is South Korea's<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, because its advantages are similar to those of Taiwan.</p><p><b>3. Gross profit peaked? Capex Starting to Hurt Shareholders?</b></p><p>Looking back at TSMC's performance in the past three years, we can see that most of the time, the growth rate of TSMC's net profit is faster than the growth rate of revenue, but the market expects that this situation will reverse in the second quarter-the growth rate of net profit is not as good as the growth rate of revenue,<b>It is speculated that it may be caused by a substantial increase in capital investment.</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9969a86eebe4beb73121c78053fe641f\" tg-width=\"670\" tg-height=\"441\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>Against the background of the shortage of semiconductor chip production capacity, TSMC, as the global foundry leader, continues to increase capital expenditures. In the first quarter conference call, the company expects capital expenditures for the whole year of this year to be US $30 billion, while the planned expenditures at the beginning of the year were US $25 billion to US $28 billion., an increase of 10-20%. This compares to $17.2 billion in capital expenditures for the full year of 2020. In addition, in order to alleviate the pressure on production capacity supply, TSMC also announced early last month that it would invest US $100 billion in the next three years to aggressively expand production.</p><p><b>In the short term, there is no doubt that capital expenditure will hurt profits.</b>Morgan Stanley released a report on the 18th of last month stating that as TSMC's manufacturing process develops to 5nm. It is expected that there will be higher-intensity capital expenditures and a structural decline in the return on investment. As a result, TSMC may lose the cost advantage of Moore's Law, and gross profit margins below 50% may become the norm in the future.</p><p><b>Perhaps what investors need to pay more attention to is,</b>The trend toward increasing capital expenditures amid supply shortages and growing secular drivers,<b>It also shows that the market demand for TSMC chip foundry is relatively healthy.</b>Furthermore,<b>Capital expenditure itself also reflects the competitiveness of leading enterprises.</b>According to reports, most other semiconductor companies have withdrawn from the 3nm process'arms race 'due to high costs, while TSMC expects 3nm to enter mass production in the second half of 2022. In addition, its 4nm will enter the risk production stage in the third quarter.<b>Huge capital expenditures, technological advantages and supplier network will further build TSMC's moat and consolidate its winner-take-all advantage.</b>The hope of letting competitors catch up is getting slim.</p><p><b>How was the second quarter performance?</b></p><p><b>Performance guidance given by TSMC in the first quarter:</b>In the first quarter financial report, TSMC expects the company's revenue in the second quarter to be between US $12.9 billion and US $13.2 billion; The estimated gross profit margin is 49.5%-51.5%; The operating profit margin is 38.5%-40.5%.</p><p><b>Bloomberg:</b>Bloomberg unanimously expects that TSMC's revenue in the second quarter will be NT $371.24 billion, a year-on-year increase of 19%.<b>If realized, the quarterly revenue will also reach a new high;</b>Adjusted net profit was NT $136.48 billion; Gross profit margin was 51.1%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"MS":"摩根士丹利","TSM":"台积电","EWT":"台湾ETF-iShares MSCI","03145":"华夏亚洲高息股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126813474","content_text":"7月7日消息，台积电将于7月15日美股盘前发布2021年第二季度财务报告。实际上，台积电的业绩一直很稳，投资者无需过分担忧。考虑到二季度全球芯片短缺，台积电产能爆满，可以推测，二季度业绩稳稳的增长基本已板上钉钉。\n此前，台积电已分别披露4月、5月的收入状况，其中， 4月营收1113.15亿台币（约合39.75亿美元），同比增长16.5%；5月营收1123.6亿台币（约合40.12亿美元），同比增长17.1%。\n（更新：7月9日台积电发布6月收入状况，6月营收新台币1484.7亿元，同比增长22.8%；2021年1-6月的营业收入总额为新台币7345.6亿元，同比增长18.2%。）\n一季度业绩回顾\n\n财报显示，台积电一季度营收3614.1亿新台币（约合129.2亿美元），同比增长16.7%，环比增长0.2%。\n毛利润方面，台积电一季度毛利1898.39亿新台币（约合67.67亿美元），同比增长18.1%，但环比下滑了2.8%。毛利润率为52.4%，同比提升0.6%，环比下滑1.6%。\n净利润方面，台积电一季度净利润1397.39亿新台币（约合49.81亿美元），同比增长19.4%，但同毛利润一样，也不及上一季度，环比下滑2.2%。\n\n虽然台积电一季度的毛利润和净利润不及上一季度，但依旧达市场预期。\n将时间拉长到近三年，可以看到，台积电的营收呈明显的季节波动，上半年的营收往往不及下半年。2019年Q1和Q2两个季度的营收不及同年的Q3和Q4，2020年的情况也是如此。其次，2019年和2020年Q1营收环比是下降的，而在2021年Q1单季度营收创新高的同时，也实现了营收环比小幅上升。\n\n还有一个积极的变化是，从今年Q1开始，营收增速也开始走高。此前，连续三个季度营收增速都在下滑。\n不过，值得注意的是，一季度台积电的毛利率由此前的54%下滑至52.4%，彭博社一致预期，二季度毛利率会进一步下行至51.1%。摩根士丹利分析师预计，未来毛利低于50%或成常态。\n从营收构成的看，一季度台积电主要的营收来自智能手机及通信相关的产品和高能计算，两项业务营收占比高达80%。\n\n其次，从制程工艺看，5nm和7nm的营收占比接近50%，与上一季度持平，但值得关注的是部分5nm产能转移到了7nm，使得7nm营收占比重回30%以上。\n数据来源：彭博社；制图：老虎证券\n截至2021年第一季度，台积电的市场占有率为56%，是全球仅有的两家配备5nm和7nm工艺技术的代工厂之一（另一家为三星）。目前，台积电下游主要客户按为台积电贡献的收入从大到小排名分别是：苹果(25.4%)、$AMD(AMD)$(9.2%)、高通(7.6%)、英特尔(7.2%)和英伟达(5.8%)。\n\n从制程的角度看，根据Counterpoint Research研究，全球5nm产能主要被苹果和高通瓜分，7nm产能主要被AMD、英伟达、高通和英特尔瓜分。据此推测，台积电一季度5nm向7nm的产能转移，很可能与苹果有关，其次可能是高通。这也可能间接反映出，全球智能手机增长或不容乐观。\n\n 二季度有哪些因素值得关注\n1、产能主导二季度业绩\n二季度，全球还在受芯片短缺的困扰，台积电基本处于产能爆满的状态。因此，二季度的营收基本上是由产能主导，稳稳的增长是可以预期的，但长期看，更值得关注的是智能手机以及高能计算市场的增长前景。\n智能手机方面，增长的机会主要是在4G到5G的切换。上月18日，摩根士丹利半导体产业分析师詹家鸿在一份报告中预测，目前5G建设的进程已过半。今年全球5G的产业进程将达到40%左右。未来两三年内，5G智能手机将完成对4G手机的替代。而5G智能手机里的芯片在数量上比4G手机多30%到40%左右。\n另外，报告预计，如果VR、AR、6G等电子产业提前爆发，将会刺激相关产业链对芯片的需求增加，给公司业绩增长带来长期的确定性，并使其继续保持行业领导地位。\n2、美国扶植半导体产业，对台积电影响如何？\n台积电每个季度稳稳的业绩是大家有目共睹的，但进入2021年，半导体行业供给不足的扰动，让大家开始重新审视行业格局。随着美国开始扶植本土半导体产业，台积电业绩会否受到影响？\n2021年4月，台积电创始人张忠谋在一场演讲中表示，美国靠补贴推动半导体在美国制造，长期来看制造成本仍高于台湾，而中国半导体制造技术落后台湾5年以上，短期内不是竞争对手，台积电真正的对手是韩国的三星，因为其优势和台湾相似。\n3、毛利触顶？资本支出开始损害股东利益？\n回顾台积电近三年的业绩表现，可以看到，绝大部分时间，台积电净利润的增速是快于营收增速的，但市场预计，二季度这一情况将出现逆转——净利润的增速不及营收的增速，推测可能是大幅增加资本投入所致。\n数据来源：彭博社；制图：老虎证券\n在半导体芯片产能紧缺背景下，作为全球代工龙头的台积电不断上调资本开支，在一季度电话会上，公司预计今年全年资本支出为300亿美元，而年初计划支出为250亿-280亿美元，上调幅度达10-20%。相比之下，2020年全年资本支出为172亿美元。另外，为缓解产能供应压力，台积电上月初还宣布，将在未来3年投入1000亿美元大举扩产。\n短期看，资本支出对利润的伤害是确凿无疑的。摩根士丹利上月18日发布报告称，随着台积电制程发展至5nm。预计会有更高强度的资本支出，投资回报率将有结构性的下滑，导致台积电可能因此失去摩尔定律的成本优势，毛利率低于50%恐成未来常态。\n或许，投资者更需要重视的是，在供应短缺和长期驱动因素不断增长的情况下，资本支出增加的趋势，也表明市场对台积电芯片代工的需求比较健康。此外，资本支出本身也体现出龙头企业的竞争力。据报道，由于成本过高，大多数其他半导体公司已经退出3nm制程‘军备竞赛’，而台积电预计3nm将在2022年下半年投入量产。此外，其4nm将在三季度进入风险生产阶段。庞大的资本支出、技术优势以及供应商网络将进一步筑高台积电护城河，巩固赢家通吃优势，让竞争对手赶超的希望愈加渺茫。\n二季度业绩如何？\n台积电一季度给出的业绩指导：一季度财报中，台积电预计二季度公司营收在129亿美元-132亿美元之间；预计毛利率在49.5%-51.5%；营业利润率在38.5%-40.5%。\n彭博社：彭博社一致预期，二季度台积电营收3712.4亿台币，同比增长19%，如若实现，那么季度营收也将再创新高；调整后净利润1364.8亿台币；毛利率为51.1%。","news_type":1,"symbols_score_info":{"MS":0.9,"03145":0.9,"EWT":0.9,"TWmain":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":121785343,"gmtCreate":1624492661882,"gmtModify":1703838122064,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121785343","repostId":"1177791519","repostType":4,"isVote":1,"tweetType":1,"viewCount":2478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184330864,"gmtCreate":1623683472758,"gmtModify":1704208682117,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"Haowen","listText":"Haowen","text":"Haowen","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184330864","repostId":"1103587070","repostType":4,"isVote":1,"tweetType":1,"viewCount":2181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":181964696727600,"gmtCreate":1685434046975,"gmtModify":1685434050829,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"‌<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>‌BULL time!","listText":"‌<a href=\"https://laohu8.com/S/TIGR\">$Tiger Brokers(TIGR)$ &nbsp;</a>‌BULL time!","text":"‌$Tiger Brokers(TIGR)$ ‌BULL time!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":5,"repostSize":0,"link":"https://ttm.financial/post/181964696727600","isVote":1,"tweetType":1,"viewCount":3169,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3573844480353095","authorId":"3573844480353095","name":"Z. Long","avatar":"https://community-static.tradeup.com/news/264b8c529bdd6c37375c523e24205e54","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3573844480353095","idStr":"3573844480353095"},"content":"Earning hasnt even released yet","text":"Earning hasnt even released yet","html":"Earning hasnt even released yet"},{"author":{"id":"3577330851763964","authorId":"3577330851763964","name":"ToTheSun0000","avatar":"https://static.itradeup.com/news/d9efa26d1020f421dd5d2f8cfab0545e","crmLevel":12,"crmLevelSwitch":0,"authorIdStr":"3577330851763964","idStr":"3577330851763964"},"content":"Good financial result!!!!!!","text":"Good financial result!!!!!!","html":"Good financial result!!!!!!"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9011350782,"gmtCreate":1648821265597,"gmtModify":1676534404805,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>wait will go up 🫣","listText":"<a href=\"https://ttm.financial/S/TIGR\">$老虎证券(TIGR)$</a>wait will go up 🫣","text":"$老虎证券(TIGR)$wait will go up 🫣","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9011350782","isVote":1,"tweetType":1,"viewCount":2731,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":181993575682080,"gmtCreate":1685441095409,"gmtModify":1685441099965,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"continuos growth ~","listText":"continuos growth ~","text":"continuos growth ~","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/181993575682080","repostId":"1109639686","repostType":2,"isVote":1,"tweetType":1,"viewCount":2557,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":894570441,"gmtCreate":1628843144583,"gmtModify":1676529872088,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"as you wish","listText":"as you wish","text":"as you wish","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/894570441","repostId":"1160159313","repostType":4,"repost":{"id":"1160159313","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1628842098,"share":"https://ttm.financial/m/news/1160159313?lang=en_US&edition=fundamental","pubTime":"2021-08-13 16:08","market":"other","language":"zh","title":"[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations","url":"https://stock-news.laohu8.com/highlight/detail?id=1160159313","media":"老虎资讯综合","summary":"8月13日，ContextLogic盘前跌超17%，Q2营收不及预期。\n\n财报显示，第二季度营收6.56亿美元，市场预期7.22亿美元；第二季度净亏损1.11亿美元，市场预期净亏损0.93亿美元；每股","content":"<p>On August 13, ContextLogic fell more than 17% before the market opened, and Q2 revenue fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/94c7dcd93f6855cfebaa717121092643\" tg-width=\"875\" tg-height=\"673\" width=\"100%\" height=\"auto\"></p><p>The financial report shows that revenue in the second quarter was US $656 million, compared with market expectations of US $722 million; The net loss in the second quarter was US $111 million, and the market expected a net loss of US $93 million; The loss per share was $0.18, which fell short of market expectations.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n[Change] ContextLogic fell more than 17%, Q2 revenue fell short of expectations\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-08-13 16:08</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>On August 13, ContextLogic fell more than 17% before the market opened, and Q2 revenue fell short of expectations.</p><p><img src=\"https://static.tigerbbs.com/94c7dcd93f6855cfebaa717121092643\" tg-width=\"875\" tg-height=\"673\" width=\"100%\" height=\"auto\"></p><p>The financial report shows that revenue in the second quarter was US $656 million, compared with market expectations of US $722 million; The net loss in the second quarter was US $111 million, and the market expected a net loss of US $93 million; The loss per share was $0.18, which fell short of market expectations.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a00dac9da971ee0e08b72a17d0d0b507","relate_stocks":{},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160159313","content_text":"8月13日，ContextLogic盘前跌超17%，Q2营收不及预期。\n\n财报显示，第二季度营收6.56亿美元，市场预期7.22亿美元；第二季度净亏损1.11亿美元，市场预期净亏损0.93亿美元；每股亏损0.18美元，低于市场预期。","news_type":1,"symbols_score_info":{"WISH":0.9}},"isVote":1,"tweetType":1,"viewCount":1812,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143738739,"gmtCreate":1625816797521,"gmtModify":1703749129032,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"666","listText":"666","text":"666","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/143738739","repostId":"1126813474","repostType":2,"repost":{"id":"1126813474","kind":"news","weMediaInfo":{"introduction":"为用户提供金融资讯、行情、数据，旨在帮助投资者理解世界，做投资决策。","home_visible":1,"media_name":"老虎资讯综合","id":"102","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1625714224,"share":"https://ttm.financial/m/news/1126813474?lang=en_US&edition=fundamental","pubTime":"2021-07-08 11:17","market":"us","language":"zh","title":"TSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes","url":"https://stock-news.laohu8.com/highlight/detail?id=1126813474","media":"老虎资讯综合","summary":"7月7日消息，$台积电 $将于7月15日美股盘前发布2021年第二季度财务报告。实际上，$台积电$的业绩一直很稳，投资者无需过分担忧。考虑到二季度全球芯片短缺，台积电产能爆满，可以推测，二季度业绩稳稳的增长基本已板上钉钉。（更新：7月9日台积电发布6月收入状况，6月营收新台币1484.7亿元，同比增长22.8%；2021年1-6月的营业收入总额为新台币7345.6亿元，同比增长18.2%。","content":"<p>News on July 7,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The financial report for the second quarter of 2021 will be released before the U.S. stock market opens on July 15. Actually,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The performance has been very stable, and investors don't need to worry too much. Considering the global chip shortage in the second quarter and TSMC's full production capacity, it can be speculated that the steady growth of performance in the second quarter is basically certain.</p><p>Previously, TSMC had disclosed its revenue status in April and May respectively. Among them, revenue in April was NT $111.315 billion (approximately US $3.975 billion), a year-on-year increase of 16.5%; Revenue in May was NT $112.36 billion (approximately US $4.012 billion), a year-on-year increase of 17.1%.</p><p>(Update: On July 9, TSMC released its revenue status in June. The revenue in June was NT $148.47 billion, a year-on-year increase of 22.8%; the total operating income from January to June 2021 was NT $734.56 billion, a year-on-year increase of 18.2%.)</p><p><b>First Quarter Results Review</b></p><p><ul><li>The financial report shows that TSMC's revenue in the first quarter was NT $361.41 billion (approximately US $12.92 billion), a year-on-year increase of 16.7% and a quarter-on-quarter increase of 0.2%.</li><li>In terms of gross profit, TSMC's gross profit in the first quarter was NT $189.839 billion (approximately US $6.767 billion), a year-on-year increase of 18.1%, but a quarter-on-quarter decline of 2.8%. The gross profit margin was 52.4%, a year-on-year increase of 0.6% and a month-on-month decrease of 1.6%.</li><li>In terms of net profit, TSMC's net profit in the first quarter was NT $139.739 billion (approximately US $4.981 billion), a year-on-year increase of 19.4%. However, like gross profit, it was not as good as the previous quarter, falling 2.2% month-on-month.</li></ul>Although TSMC's gross profit and net profit in the first quarter were lower than those in the previous quarter, they still met market expectations.</p><p>Extending the time to nearly three years, it can be seen that TSMC's revenue shows obvious seasonal fluctuations, and the revenue in the first half of the year is often not as good as that in the second half of the year. The revenue in Q1 and Q2 quarters of 2019 was not as good as that in Q3 and Q4 of the same year, and the same is true in 2020. Secondly, Q1 revenue in 2019 and 2020 declined month-on-month, while in<b>While the single-quarter revenue of Q1 in 2021 reached a new high, it also achieved a slight increase in revenue from the previous quarter.</b></p><p><img src=\"https://static.tigerbbs.com/693551622df28887cf08c5c589bf5d78\" tg-width=\"696\" tg-height=\"462\"></p><p>Another positive change is that,<b>Starting from Q1 this year, revenue growth has also begun to rise. Previously, revenue growth has been declining for three consecutive quarters.</b></p><p>However, it is worth noting that TSMC's gross profit margin fell from the previous 54% to 52.4% in the first quarter. Bloomberg unanimously expects that the gross profit margin will further drop to 51.1% in the second quarter.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analysts predict that gross profit below 50% may become the norm in the future.</p><p><b>From the perspective of revenue composition,</b>In the first quarter, TSMC's main revenue came from<b>Smartphone and communications-related products and high-energy computing</b>, the revenue of the two businesses accounted for as high as 80%.</p><p><img src=\"https://static.tigerbbs.com/cf00187cef38de479df6729ea6e3cea9\" tg-width=\"568\" tg-height=\"487\" referrerpolicy=\"no-referrer\"></p><p>Secondly, from the perspective of manufacturing process technology, 5nm and 7nm revenue accounted for nearly 50%, which was the same as the previous quarter.<b>But it is worth noting that part of 5nm production capacity has been transferred to 7nm.</b>This makes 7nm revenue account for more than 30%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/134d25ecc9455ceda2d97ef3bf3d9406\" tg-width=\"722\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>As of the first quarter of 2021, TSMC has a market share of 56% and is one of only two foundries in the world equipped with 5nm and 7nm process technologies (the other is<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>）。 Currently, TSMC's major downstream customers are ranked from largest to smallest in terms of revenue contribution to TSMC:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(25.4%), $AMD (<a href=\"https://laohu8.com/S/AMD\">AMD</a>)$(9.2%)、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>(7.6%)、<a href=\"https://laohu8.com/S/INTC\">Intel</a>(7.2%) and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>(5.8%)。</p><p><img src=\"https://static.tigerbbs.com/ba7ae54911c0d0c2b84118041ced1eee\" tg-width=\"1264\" tg-height=\"920\" referrerpolicy=\"no-referrer\"></p><p>From a process perspective, according to Counterpoint Research research,<b>Global 5nm production capacity is mainly<a href=\"https://laohu8.com/S/AAPL\">Apple</a>And<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Division, 7nm production capacity is mainly divided by AMD,<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, Qualcomm and<a href=\"https://laohu8.com/S/INTC\">Intel</a>Carve up. Based on this speculation, TSMC's 5nm to 7nm production capacity transfer in the first quarter is likely to be related to Apple, followed by Qualcomm. This may also indirectly reflect that the growth of global smartphones may not be optimistic.</b></p><p><img src=\"https://static.tigerbbs.com/8d0fc5f6e1affebe44486cb372671778\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a80d9e0c9348a30a631996fed29e83a7\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p> <b>What factors deserve attention in the second quarter</b></p><p><b>1. Production capacity dominates second-quarter performance</b></p><p>In the second quarter, the world was still plagued by chip shortages, and TSMC was basically in a state of full production capacity.<b>Therefore, revenue in the second quarter is basically dominated by production capacity, and steady growth can be expected.</b>But in the long run, what deserves more attention is the growth prospects of smartphones and high-energy computing markets.</p><p>In terms of smartphones, growth opportunities are mainly in the switching from 4G to 5G. On the 18th of last month,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Zhan Jiahong, a semiconductor industry analyst, predicted in a report that the current 5G construction process is more than halfway. This year, the global 5G industry process will reach about 40%. In the next two to three years, 5G smartphones will replace 4G mobile phones. The number of chips in 5G smartphones is about 30% to 40% more than that in 4G phones.</p><p>In addition, the report predicts that if electronic industries such as VR, AR, and 6G break out ahead of schedule, it will stimulate an increase in demand for chips in related industrial chains, bring long-term certainty to the company's performance growth, and enable it to continue to maintain its leading position in the industry.</p><p><b>2. What impact will the United States support the semiconductor industry on TSMC?</b></p><p>TSMC's steady performance every quarter is obvious to all, but entering 2021, the disturbance of insufficient supply in the semiconductor industry has caused everyone to begin to re-examine the industry structure. As the United States begins to support the local semiconductor industry, will TSMC's performance be affected?</p><p>In April 2021, TSMC founder Zhang Zhongmou said in a speech,<b>The United States relies on subsidies to promote semiconductor manufacturing in the United States. In the long run, manufacturing costs are still higher than those in Taiwan Province.</b>However, China's semiconductor manufacturing technology lags behind Taiwan's by more than 5 years and is not a competitor in the short term. TSMC's real rival is South Korea's<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, because its advantages are similar to those of Taiwan.</p><p><b>3. Gross profit peaked? Capex Starting to Hurt Shareholders?</b></p><p>Looking back at TSMC's performance in the past three years, we can see that most of the time, the growth rate of TSMC's net profit is faster than the growth rate of revenue, but the market expects that this situation will reverse in the second quarter-the growth rate of net profit is not as good as the growth rate of revenue,<b>It is speculated that it may be caused by a substantial increase in capital investment.</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9969a86eebe4beb73121c78053fe641f\" tg-width=\"670\" tg-height=\"441\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>Against the background of the shortage of semiconductor chip production capacity, TSMC, as the global foundry leader, continues to increase capital expenditures. In the first quarter conference call, the company expects capital expenditures for the whole year of this year to be US $30 billion, while the planned expenditures at the beginning of the year were US $25 billion to US $28 billion., an increase of 10-20%. This compares to $17.2 billion in capital expenditures for the full year of 2020. In addition, in order to alleviate the pressure on production capacity supply, TSMC also announced early last month that it would invest US $100 billion in the next three years to aggressively expand production.</p><p><b>In the short term, there is no doubt that capital expenditure will hurt profits.</b>Morgan Stanley released a report on the 18th of last month stating that as TSMC's manufacturing process develops to 5nm. It is expected that there will be higher-intensity capital expenditures and a structural decline in the return on investment. As a result, TSMC may lose the cost advantage of Moore's Law, and gross profit margins below 50% may become the norm in the future.</p><p><b>Perhaps what investors need to pay more attention to is,</b>The trend toward increasing capital expenditures amid supply shortages and growing secular drivers,<b>It also shows that the market demand for TSMC chip foundry is relatively healthy.</b>Furthermore,<b>Capital expenditure itself also reflects the competitiveness of leading enterprises.</b>According to reports, most other semiconductor companies have withdrawn from the 3nm process'arms race 'due to high costs, while TSMC expects 3nm to enter mass production in the second half of 2022. In addition, its 4nm will enter the risk production stage in the third quarter.<b>Huge capital expenditures, technological advantages and supplier network will further build TSMC's moat and consolidate its winner-take-all advantage.</b>The hope of letting competitors catch up is getting slim.</p><p><b>How was the second quarter performance?</b></p><p><b>Performance guidance given by TSMC in the first quarter:</b>In the first quarter financial report, TSMC expects the company's revenue in the second quarter to be between US $12.9 billion and US $13.2 billion; The estimated gross profit margin is 49.5%-51.5%; The operating profit margin is 38.5%-40.5%.</p><p><b>Bloomberg:</b>Bloomberg unanimously expects that TSMC's revenue in the second quarter will be NT $371.24 billion, a year-on-year increase of 19%.<b>If realized, the quarterly revenue will also reach a new high;</b>Adjusted net profit was NT $136.48 billion; Gross profit margin was 51.1%.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>TSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTSMC's financial report preview: production capacity dominates, second-quarter performance stabilizes\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/102\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">老虎资讯综合 </p>\n<p class=\"h-time smaller\">2021-07-08 11:17</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>News on July 7,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The financial report for the second quarter of 2021 will be released before the U.S. stock market opens on July 15. Actually,<a href=\"https://laohu8.com/S/TSM\">TSMC</a>The performance has been very stable, and investors don't need to worry too much. Considering the global chip shortage in the second quarter and TSMC's full production capacity, it can be speculated that the steady growth of performance in the second quarter is basically certain.</p><p>Previously, TSMC had disclosed its revenue status in April and May respectively. Among them, revenue in April was NT $111.315 billion (approximately US $3.975 billion), a year-on-year increase of 16.5%; Revenue in May was NT $112.36 billion (approximately US $4.012 billion), a year-on-year increase of 17.1%.</p><p>(Update: On July 9, TSMC released its revenue status in June. The revenue in June was NT $148.47 billion, a year-on-year increase of 22.8%; the total operating income from January to June 2021 was NT $734.56 billion, a year-on-year increase of 18.2%.)</p><p><b>First Quarter Results Review</b></p><p><ul><li>The financial report shows that TSMC's revenue in the first quarter was NT $361.41 billion (approximately US $12.92 billion), a year-on-year increase of 16.7% and a quarter-on-quarter increase of 0.2%.</li><li>In terms of gross profit, TSMC's gross profit in the first quarter was NT $189.839 billion (approximately US $6.767 billion), a year-on-year increase of 18.1%, but a quarter-on-quarter decline of 2.8%. The gross profit margin was 52.4%, a year-on-year increase of 0.6% and a month-on-month decrease of 1.6%.</li><li>In terms of net profit, TSMC's net profit in the first quarter was NT $139.739 billion (approximately US $4.981 billion), a year-on-year increase of 19.4%. However, like gross profit, it was not as good as the previous quarter, falling 2.2% month-on-month.</li></ul>Although TSMC's gross profit and net profit in the first quarter were lower than those in the previous quarter, they still met market expectations.</p><p>Extending the time to nearly three years, it can be seen that TSMC's revenue shows obvious seasonal fluctuations, and the revenue in the first half of the year is often not as good as that in the second half of the year. The revenue in Q1 and Q2 quarters of 2019 was not as good as that in Q3 and Q4 of the same year, and the same is true in 2020. Secondly, Q1 revenue in 2019 and 2020 declined month-on-month, while in<b>While the single-quarter revenue of Q1 in 2021 reached a new high, it also achieved a slight increase in revenue from the previous quarter.</b></p><p><img src=\"https://static.tigerbbs.com/693551622df28887cf08c5c589bf5d78\" tg-width=\"696\" tg-height=\"462\"></p><p>Another positive change is that,<b>Starting from Q1 this year, revenue growth has also begun to rise. Previously, revenue growth has been declining for three consecutive quarters.</b></p><p>However, it is worth noting that TSMC's gross profit margin fell from the previous 54% to 52.4% in the first quarter. Bloomberg unanimously expects that the gross profit margin will further drop to 51.1% in the second quarter.<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Analysts predict that gross profit below 50% may become the norm in the future.</p><p><b>From the perspective of revenue composition,</b>In the first quarter, TSMC's main revenue came from<b>Smartphone and communications-related products and high-energy computing</b>, the revenue of the two businesses accounted for as high as 80%.</p><p><img src=\"https://static.tigerbbs.com/cf00187cef38de479df6729ea6e3cea9\" tg-width=\"568\" tg-height=\"487\" referrerpolicy=\"no-referrer\"></p><p>Secondly, from the perspective of manufacturing process technology, 5nm and 7nm revenue accounted for nearly 50%, which was the same as the previous quarter.<b>But it is worth noting that part of 5nm production capacity has been transferred to 7nm.</b>This makes 7nm revenue account for more than 30%.</p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/134d25ecc9455ceda2d97ef3bf3d9406\" tg-width=\"722\" tg-height=\"596\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>As of the first quarter of 2021, TSMC has a market share of 56% and is one of only two foundries in the world equipped with 5nm and 7nm process technologies (the other is<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>）。 Currently, TSMC's major downstream customers are ranked from largest to smallest in terms of revenue contribution to TSMC:<a href=\"https://laohu8.com/S/AAPL\">Apple</a>(25.4%), $AMD (<a href=\"https://laohu8.com/S/AMD\">AMD</a>)$(9.2%)、<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>(7.6%)、<a href=\"https://laohu8.com/S/INTC\">Intel</a>(7.2%) and<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>(5.8%)。</p><p><img src=\"https://static.tigerbbs.com/ba7ae54911c0d0c2b84118041ced1eee\" tg-width=\"1264\" tg-height=\"920\" referrerpolicy=\"no-referrer\"></p><p>From a process perspective, according to Counterpoint Research research,<b>Global 5nm production capacity is mainly<a href=\"https://laohu8.com/S/AAPL\">Apple</a>And<a href=\"https://laohu8.com/S/QCOM\">Qualcomm</a>Division, 7nm production capacity is mainly divided by AMD,<a href=\"https://laohu8.com/S/NVDA\">Nvidia</a>, Qualcomm and<a href=\"https://laohu8.com/S/INTC\">Intel</a>Carve up. Based on this speculation, TSMC's 5nm to 7nm production capacity transfer in the first quarter is likely to be related to Apple, followed by Qualcomm. This may also indirectly reflect that the growth of global smartphones may not be optimistic.</b></p><p><img src=\"https://static.tigerbbs.com/8d0fc5f6e1affebe44486cb372671778\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"><img src=\"https://static.tigerbbs.com/a80d9e0c9348a30a631996fed29e83a7\" tg-width=\"600\" tg-height=\"371\" referrerpolicy=\"no-referrer\"></p><p> <b>What factors deserve attention in the second quarter</b></p><p><b>1. Production capacity dominates second-quarter performance</b></p><p>In the second quarter, the world was still plagued by chip shortages, and TSMC was basically in a state of full production capacity.<b>Therefore, revenue in the second quarter is basically dominated by production capacity, and steady growth can be expected.</b>But in the long run, what deserves more attention is the growth prospects of smartphones and high-energy computing markets.</p><p>In terms of smartphones, growth opportunities are mainly in the switching from 4G to 5G. On the 18th of last month,<a href=\"https://laohu8.com/S/MS\">Morgan Stanley</a>Zhan Jiahong, a semiconductor industry analyst, predicted in a report that the current 5G construction process is more than halfway. This year, the global 5G industry process will reach about 40%. In the next two to three years, 5G smartphones will replace 4G mobile phones. The number of chips in 5G smartphones is about 30% to 40% more than that in 4G phones.</p><p>In addition, the report predicts that if electronic industries such as VR, AR, and 6G break out ahead of schedule, it will stimulate an increase in demand for chips in related industrial chains, bring long-term certainty to the company's performance growth, and enable it to continue to maintain its leading position in the industry.</p><p><b>2. What impact will the United States support the semiconductor industry on TSMC?</b></p><p>TSMC's steady performance every quarter is obvious to all, but entering 2021, the disturbance of insufficient supply in the semiconductor industry has caused everyone to begin to re-examine the industry structure. As the United States begins to support the local semiconductor industry, will TSMC's performance be affected?</p><p>In April 2021, TSMC founder Zhang Zhongmou said in a speech,<b>The United States relies on subsidies to promote semiconductor manufacturing in the United States. In the long run, manufacturing costs are still higher than those in Taiwan Province.</b>However, China's semiconductor manufacturing technology lags behind Taiwan's by more than 5 years and is not a competitor in the short term. TSMC's real rival is South Korea's<a href=\"https://laohu8.com/S/SMSN.UK\">Samsung</a>, because its advantages are similar to those of Taiwan.</p><p><b>3. Gross profit peaked? Capex Starting to Hurt Shareholders?</b></p><p>Looking back at TSMC's performance in the past three years, we can see that most of the time, the growth rate of TSMC's net profit is faster than the growth rate of revenue, but the market expects that this situation will reverse in the second quarter-the growth rate of net profit is not as good as the growth rate of revenue,<b>It is speculated that it may be caused by a substantial increase in capital investment.</b></p><p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/9969a86eebe4beb73121c78053fe641f\" tg-width=\"670\" tg-height=\"441\" referrerpolicy=\"no-referrer\"><span>Data source: Bloomberg; Charting: Tiger Securities</span></p><p>Against the background of the shortage of semiconductor chip production capacity, TSMC, as the global foundry leader, continues to increase capital expenditures. In the first quarter conference call, the company expects capital expenditures for the whole year of this year to be US $30 billion, while the planned expenditures at the beginning of the year were US $25 billion to US $28 billion., an increase of 10-20%. This compares to $17.2 billion in capital expenditures for the full year of 2020. In addition, in order to alleviate the pressure on production capacity supply, TSMC also announced early last month that it would invest US $100 billion in the next three years to aggressively expand production.</p><p><b>In the short term, there is no doubt that capital expenditure will hurt profits.</b>Morgan Stanley released a report on the 18th of last month stating that as TSMC's manufacturing process develops to 5nm. It is expected that there will be higher-intensity capital expenditures and a structural decline in the return on investment. As a result, TSMC may lose the cost advantage of Moore's Law, and gross profit margins below 50% may become the norm in the future.</p><p><b>Perhaps what investors need to pay more attention to is,</b>The trend toward increasing capital expenditures amid supply shortages and growing secular drivers,<b>It also shows that the market demand for TSMC chip foundry is relatively healthy.</b>Furthermore,<b>Capital expenditure itself also reflects the competitiveness of leading enterprises.</b>According to reports, most other semiconductor companies have withdrawn from the 3nm process'arms race 'due to high costs, while TSMC expects 3nm to enter mass production in the second half of 2022. In addition, its 4nm will enter the risk production stage in the third quarter.<b>Huge capital expenditures, technological advantages and supplier network will further build TSMC's moat and consolidate its winner-take-all advantage.</b>The hope of letting competitors catch up is getting slim.</p><p><b>How was the second quarter performance?</b></p><p><b>Performance guidance given by TSMC in the first quarter:</b>In the first quarter financial report, TSMC expects the company's revenue in the second quarter to be between US $12.9 billion and US $13.2 billion; The estimated gross profit margin is 49.5%-51.5%; The operating profit margin is 38.5%-40.5%.</p><p><b>Bloomberg:</b>Bloomberg unanimously expects that TSMC's revenue in the second quarter will be NT $371.24 billion, a year-on-year increase of 19%.<b>If realized, the quarterly revenue will also reach a new high;</b>Adjusted net profit was NT $136.48 billion; Gross profit margin was 51.1%.</p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/975836d8c6eb511241583dccb0d387f2","relate_stocks":{"MS":"摩根士丹利","TSM":"台积电","EWT":"台湾ETF-iShares MSCI","03145":"华夏亚洲高息股"},"is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1126813474","content_text":"7月7日消息，台积电将于7月15日美股盘前发布2021年第二季度财务报告。实际上，台积电的业绩一直很稳，投资者无需过分担忧。考虑到二季度全球芯片短缺，台积电产能爆满，可以推测，二季度业绩稳稳的增长基本已板上钉钉。\n此前，台积电已分别披露4月、5月的收入状况，其中， 4月营收1113.15亿台币（约合39.75亿美元），同比增长16.5%；5月营收1123.6亿台币（约合40.12亿美元），同比增长17.1%。\n（更新：7月9日台积电发布6月收入状况，6月营收新台币1484.7亿元，同比增长22.8%；2021年1-6月的营业收入总额为新台币7345.6亿元，同比增长18.2%。）\n一季度业绩回顾\n\n财报显示，台积电一季度营收3614.1亿新台币（约合129.2亿美元），同比增长16.7%，环比增长0.2%。\n毛利润方面，台积电一季度毛利1898.39亿新台币（约合67.67亿美元），同比增长18.1%，但环比下滑了2.8%。毛利润率为52.4%，同比提升0.6%，环比下滑1.6%。\n净利润方面，台积电一季度净利润1397.39亿新台币（约合49.81亿美元），同比增长19.4%，但同毛利润一样，也不及上一季度，环比下滑2.2%。\n\n虽然台积电一季度的毛利润和净利润不及上一季度，但依旧达市场预期。\n将时间拉长到近三年，可以看到，台积电的营收呈明显的季节波动，上半年的营收往往不及下半年。2019年Q1和Q2两个季度的营收不及同年的Q3和Q4，2020年的情况也是如此。其次，2019年和2020年Q1营收环比是下降的，而在2021年Q1单季度营收创新高的同时，也实现了营收环比小幅上升。\n\n还有一个积极的变化是，从今年Q1开始，营收增速也开始走高。此前，连续三个季度营收增速都在下滑。\n不过，值得注意的是，一季度台积电的毛利率由此前的54%下滑至52.4%，彭博社一致预期，二季度毛利率会进一步下行至51.1%。摩根士丹利分析师预计，未来毛利低于50%或成常态。\n从营收构成的看，一季度台积电主要的营收来自智能手机及通信相关的产品和高能计算，两项业务营收占比高达80%。\n\n其次，从制程工艺看，5nm和7nm的营收占比接近50%，与上一季度持平，但值得关注的是部分5nm产能转移到了7nm，使得7nm营收占比重回30%以上。\n数据来源：彭博社；制图：老虎证券\n截至2021年第一季度，台积电的市场占有率为56%，是全球仅有的两家配备5nm和7nm工艺技术的代工厂之一（另一家为三星）。目前，台积电下游主要客户按为台积电贡献的收入从大到小排名分别是：苹果(25.4%)、$AMD(AMD)$(9.2%)、高通(7.6%)、英特尔(7.2%)和英伟达(5.8%)。\n\n从制程的角度看，根据Counterpoint Research研究，全球5nm产能主要被苹果和高通瓜分，7nm产能主要被AMD、英伟达、高通和英特尔瓜分。据此推测，台积电一季度5nm向7nm的产能转移，很可能与苹果有关，其次可能是高通。这也可能间接反映出，全球智能手机增长或不容乐观。\n\n 二季度有哪些因素值得关注\n1、产能主导二季度业绩\n二季度，全球还在受芯片短缺的困扰，台积电基本处于产能爆满的状态。因此，二季度的营收基本上是由产能主导，稳稳的增长是可以预期的，但长期看，更值得关注的是智能手机以及高能计算市场的增长前景。\n智能手机方面，增长的机会主要是在4G到5G的切换。上月18日，摩根士丹利半导体产业分析师詹家鸿在一份报告中预测，目前5G建设的进程已过半。今年全球5G的产业进程将达到40%左右。未来两三年内，5G智能手机将完成对4G手机的替代。而5G智能手机里的芯片在数量上比4G手机多30%到40%左右。\n另外，报告预计，如果VR、AR、6G等电子产业提前爆发，将会刺激相关产业链对芯片的需求增加，给公司业绩增长带来长期的确定性，并使其继续保持行业领导地位。\n2、美国扶植半导体产业，对台积电影响如何？\n台积电每个季度稳稳的业绩是大家有目共睹的，但进入2021年，半导体行业供给不足的扰动，让大家开始重新审视行业格局。随着美国开始扶植本土半导体产业，台积电业绩会否受到影响？\n2021年4月，台积电创始人张忠谋在一场演讲中表示，美国靠补贴推动半导体在美国制造，长期来看制造成本仍高于台湾，而中国半导体制造技术落后台湾5年以上，短期内不是竞争对手，台积电真正的对手是韩国的三星，因为其优势和台湾相似。\n3、毛利触顶？资本支出开始损害股东利益？\n回顾台积电近三年的业绩表现，可以看到，绝大部分时间，台积电净利润的增速是快于营收增速的，但市场预计，二季度这一情况将出现逆转——净利润的增速不及营收的增速，推测可能是大幅增加资本投入所致。\n数据来源：彭博社；制图：老虎证券\n在半导体芯片产能紧缺背景下，作为全球代工龙头的台积电不断上调资本开支，在一季度电话会上，公司预计今年全年资本支出为300亿美元，而年初计划支出为250亿-280亿美元，上调幅度达10-20%。相比之下，2020年全年资本支出为172亿美元。另外，为缓解产能供应压力，台积电上月初还宣布，将在未来3年投入1000亿美元大举扩产。\n短期看，资本支出对利润的伤害是确凿无疑的。摩根士丹利上月18日发布报告称，随着台积电制程发展至5nm。预计会有更高强度的资本支出，投资回报率将有结构性的下滑，导致台积电可能因此失去摩尔定律的成本优势，毛利率低于50%恐成未来常态。\n或许，投资者更需要重视的是，在供应短缺和长期驱动因素不断增长的情况下，资本支出增加的趋势，也表明市场对台积电芯片代工的需求比较健康。此外，资本支出本身也体现出龙头企业的竞争力。据报道，由于成本过高，大多数其他半导体公司已经退出3nm制程‘军备竞赛’，而台积电预计3nm将在2022年下半年投入量产。此外，其4nm将在三季度进入风险生产阶段。庞大的资本支出、技术优势以及供应商网络将进一步筑高台积电护城河，巩固赢家通吃优势，让竞争对手赶超的希望愈加渺茫。\n二季度业绩如何？\n台积电一季度给出的业绩指导：一季度财报中，台积电预计二季度公司营收在129亿美元-132亿美元之间；预计毛利率在49.5%-51.5%；营业利润率在38.5%-40.5%。\n彭博社：彭博社一致预期，二季度台积电营收3712.4亿台币，同比增长19%，如若实现，那么季度营收也将再创新高；调整后净利润1364.8亿台币；毛利率为51.1%。","news_type":1,"symbols_score_info":{"MS":0.9,"03145":0.9,"EWT":0.9,"TWmain":0.9,"TSM":0.9}},"isVote":1,"tweetType":1,"viewCount":1702,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":193943933280504,"gmtCreate":1688389364442,"gmtModify":1688389370208,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"time goes fast","listText":"time goes fast","text":"time goes fast","images":[{"img":"https://community-static.tradeup.com/news/ce628d97666529764003c43a914af3cd","width":"1125","height":"1476"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/193943933280504","isVote":1,"tweetType":1,"viewCount":1631,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":121785343,"gmtCreate":1624492661882,"gmtModify":1703838122064,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"?","listText":"?","text":"?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/121785343","repostId":"1177791519","repostType":4,"isVote":1,"tweetType":1,"viewCount":2478,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":184330864,"gmtCreate":1623683472758,"gmtModify":1704208682117,"author":{"id":"3563794025631350","authorId":"3563794025631350","name":"常被收割斐菜弟","avatar":"https://static.tigerbbs.com/1b9bf3505b0b3f8ed370a0a608dbab98","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3563794025631350","idStr":"3563794025631350"},"themes":[],"htmlText":"Haowen","listText":"Haowen","text":"Haowen","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/184330864","repostId":"1103587070","repostType":4,"repost":{"id":"1103587070","kind":"news","pubTimestamp":1623681530,"share":"https://ttm.financial/m/news/1103587070?lang=en_US&edition=fundamental","pubTime":"2021-06-14 22:38","market":"us","language":"zh","title":"How did Jobs interview me back then?","url":"https://stock-news.laohu8.com/highlight/detail?id=1103587070","media":"周喆吾","summary":"译者按：本文是Quora上关于“How hard did Steve Jobs work?”问题的回答。文章作者非常激动到手抖，打字有大量的情绪化错别字，有时有点语无伦次，译者尽可能还原这个故事和作者","content":"<p><b>Translator's note:</b>This article is an answer to the question \"How hard did Steve Jobs work?\" On Quora. The author of the article is so excited that his hands are shaking, and there are a lot of emotional typos in typing, sometimes a bit incoherent. The translator tries his best to restore the original flavor of the story and the author, and hope readers will accept the inconsistency. I've had the pleasure of working for Apple since 2003, and being at Apple during that very special time, particularly working with Steve on all sorts of things, I felt very happy.</p><p>And, I'm fairly confident that Steve sees me as a friend, not just a colleague he works with.</p><p>Looking back, I was lucky to be specifically introduced and then recruited by Apple.</p><p>I flew to Cupertino (where Apple is headquartered in California) for an interview, just after completing my PhD at MIT; I was very maverick at the time (the unflattering kind). I went to the interview because people around me told me that I must be crazy if I didn't even go to the interview. I made up my mind to go there and talk, and then turn down any Offer from Apple.</p><p>After visiting the beautiful buildings, this further convinced me that I would refuse<b>Any Offer</b>, because it is so to me<b>Corporatization</b>And somehow feels very<b>Hypocrisy</b>。 I was taken to an interview with a vice president who asked me some very usual interview questions, and then in the middle of answering the questions I heard a door open and close, and then a voice behind me said:</p><p>\"We really still ask these stupid\" damn questions in interviews … what are the possible responses from candidates that would allow us to tell if they are completely stupid or completely smart? \"</p><p>I don't have to turn around.<b>I know it's Steve who's talking.</b></p><p>He continued to walk around his desk and waved the Senior Vice President who was interviewing me away from his office. Then he sat down and silently read a piece of paper in his hand (I guess it was the interview question list that the vice president was going to ask me just now). He never looked at me or spoke to me.</p><p>He read on, occasionally laughing at what he read, shaking his head or calling anything he read useless.</p><p>After what seemed like forever, he threw the question sheet across the room and it actually hit a framed piece of art, which dropped loudly to the floor-Steve never bothered to look at the piece of art we might have badly damaged. He just stared at me, like<b>Forever</b>Just as long. (Definitely a very awkward minute, actually really seemed like an eternity in this case.)</p><p>Then he asked:<b>\"Who are you?\"</b>I told him my resume was on the desk-and he said \"I didn't ask you that.\" (In the meantime, mind you, his eyes never took away from his harsh, burning gaze.)</p><p>I told him my name; Then he quickly replied, \"If I wanted to know your name, I'd ask what your name is … I'm asking who you are\" … \"You're not very good at interviewing, are you?\"</p><p>I said I was someone who came all the way to interview for a job I most likely wouldn't accept-but being asked over and over why I didn't interview was a pain, so I thought I'd go for an interview, turn down the Offer, and go home and get on with other things. Problem solved. Then I told Jobs that my only concern before I came was that it might be embarrassing to refuse a job if they offered me one. Then I thanked him for what he had just done and made it easy for me to say no, because he was such a<b>Arrogant bastard</b>。</p><p>He looked at me puzzled for a few seconds, then asked puzzled, \"You know<b>Who am I</b>\"Yes, right?\" I said yes. He said:<b>\"You know I'm</b><b><i>Steve Jobs</i></b><b>”</b>I nodded-he sat back in his chair (still confused) and then he smiled and told me, \"This office sucks, this vice president has no taste.\"</p><p>I actually agree that this guy really doesn't have a good taste.</p><p>He said, \"Well, I'm going for a walk every day now, and you seem smart enough not to stay through this interview for a job you're not going to take. And, today is really a pretty awesome day\" (yes, he really uses his old mantra, lol) \"Join me on the walk\". I'm a little dizzy: Jobs in front of me is simply the embodiment of all the mean comments I heard about him before I came here. What a complete jerk. But I did want to go for a walk with him; I really don't understand why. But I kept up with him anyway.</p><p>We were walking and it was interesting to me that no one of the people who worked there greeted him or nodded to him at all-honestly most people seemed to take awkward turns as if they were trying to avoid him.</p><p>Somehow, though he might never notice, because even during our small talk, he's the kind of him that even in a crowded hallway, somehow, being a big man, makes you feel like the only thing he cares about in the world is you; He gives you his absolute<b>Get absorbed</b>。</p><p>It's quite unique and he can often easily make you look as if you're not even in the physical space. And this unique feeling of invading your existence is, in a way, a kind of complete rudeness.</p><p>Once we were outside in the open space, Steve's conversation suddenly changed-he was basically confused and asked me why I didn't want to come to work for him. He started counting almost childlike logic-he asked me \"assuming I wasn't rude and completely ruined your interview, would you still say no?<i>I am a very annoying person</i>The facts of have nothing to do with your choice? \"Yes, isn't it?\"</p><p>I said, \"Do you really know you're so rude?\" He said, \"Yes, I<b>Of course I do</b>I'm rude \"-\"<b>I'm Steve, I'm usually rude</b>\"(Like I asked a strange question)</p><p>Then he started selling me Apple-he told me all the stuff they did, but I couldn't have guessed that there were other \"great things\" (yes, he used that mantra too) and he told me all these things, crazy things. (He hasn't actually asked my name yet, by the way)</p><p>However, like the most excited kid in the world, he talked endlessly about Apple and their \"cool stuff\",<b>It's all so sincere</b>(At the same time, he said that I was a child, that I hadn't even worked before, and that if I didn't work for Apple, then I was a complete idiot.) The whole scene was crazy.</p><p>I kept wondering if this guy had been with me for so long missing some meeting or for sure he had to take care of things somewhere. Then he said he wanted to show me \"something\" and meet Johnny.</p><p>We walked into Jonny's little world, and he was very polite to me, and then gave me a clear look<b>Steve in super excited state</b>(Jonny whispers that he really likes you.-I whispers that he doesn't even know my name, seriously, Jonny says then he really likes you<b>You</b>), and he went back to work.</p><p>Finally, someone found Steve and said that there was a super important guest who had been waiting for him in his office for 90 minutes. His face changed again and he said, \"I<b>Really</b>Must go \"and then tell the person who found him to\" let him wait \".</p><p>Then he told me: \"Look, I promise it will be great … I can show you all this, but you can't digest it for a while … He said\" Give me a month at Apple and just leave if I'm wrong … I'll pay you 3 times your normal monthly salary, the company is here to provide you with an apartment and a car, and if I'm wrong, I'll pay for everything you want or anything to move things back and forth \".</p><p>I said, \"You don't even know my name, Steve.\"-<b>Then he said my full name</b>He knew all kinds of things about me, where and when I went to what school, my birthday-where I grew up.</p><p>Now I'm confused. extremely.</p><p>I asked him why he had made everything so awkward at the time, or had not told me anything before.</p><p>He said: \"<b>Wouldn't that be more fun?</b>”</p><p>I have to agree.<b>Is more interesting</b>。</p><p>Steve then said \"you're funny\" I asked him why and he told me \"you just have to be funny... things... people are mediocre\" and \"you're funny\".</p><p>Then he said, answer me, \"<b>Come or not</b>”。</p><p>I was completely confused haha and I said: \"OK, a month will be a month\".</p><p>He strode away and said, \"I'll see you tomorrow.\" I reminded him, \"It's Friday.\" He said, \"I know!\"</p><p>The door closed and Steve was gone.</p><p>I didn't know what to do because honestly, I didn't even know where I was in the building-I guess Steve hired me, but where did I go-who did I talk to? How do I explain the outrageous Offer he gave me?</p><p>I went back to the office where the interview started to find the VP who was kicked out. All the time trying to figure out what I was going to say, and then I realized I didn't even know what position he wanted me to do.</p><p>It probably took me 10 minutes to get to the vice president's office (I knew Steve was in what must be a serious meeting, so I couldn't ask him).</p><p>But when I got to that office-maybe it was only 7-9 minutes. Somehow, every crazy part of the Offer Steve gave me, specific to the tiniest detail, was somehow fully conveyed to that VP by magic.</p><p>There were about three people in that office making everything he promised me happen-someone called to say my driver's license had been photocopied, I heard someone on the phone talk about getting my apartment ready for me-and they asked if I could arrange for someone to open my apartment so that the movers could enter (I told them I didn't need so much... The girl looked at me and said, \"Look, Steve said he wanted you to stay here while you moved everything... If he didn't get what he wanted, I'd get into trouble\" (she almost explained Steve in a weird way)</p><p>I sat down to fill out the confidentiality agreement-and other paperwork-and I finally asked what exactly is my job or title? I was told that my position was \"Steve hired\" (basically, when I found the right position, they would make another title for me).</p><p>Everything promised was delivered instantly-apartment, car etc in 30 minutes, I got the keys-I received a map of the apartment and a map back to get back to Apple HQ (Infinite Loop 1). I was told not to be late-Steve hated being late.</p><p>I never returned to my apartment at MIT.</p><p>Before I returned to the east coast, 2 years passed, probably closer to 3.</p><p>Steve \"caught me\".</p><p>Sorry this is too long-doesn't really answer your question. But okay, I'm probably the only one who remembers it now after he's gone.</p><p>My obvious prejudice aside; What a great story.</p><p>When I first wrote this, I was laughing so hard that tears were running down my cheeks.</p><p>I'm still at Apple-I'm in a senior position right now. It's really the only company I've ever been with. I enjoyed it very much.</p><p>I only occasionally look back at Apple and Steve's experiences and, to some extent, what I've been involved in. It is so wild.</p><p>One of the things Steve put in my hand back then was an iPad that had been jointly debugged, so many years ago. Imagine how I feel right now, seeing them every day, wherever I go, and knowing that I play a part in it.</p><p>Does Steve work hard? Worked harder than anyone else. Does Steve always put everything, every risk, and every potential failure on himself?<b>Yeah, yeah.</b></p><p>Did he somehow build a device like the iPad-something that no one even knew was supposed to exist, and turn it into something that everyone must have?<b>Yeah, yeah.</b></p><p>Did his vision for the operating system lay most of the core of OS X so many years ago? Yeah, yeah.</p><p>Are there thousands of people who helped Steve create this vision and make it productive? Yeah, yeah.</p><p>Did Steve change the world? Yeah, yeah.</p><p>Did Steve honor every single thing he said that weird day he hired me,<i>Each</i>Commitment? Absolutely.</p><p>Has he often been so incredibly harsh, mean, harsh, rough, difficult, extreme, and sometimes cruel? Yeah, yeah.</p><p>Did he push everyone at Apple to be better, smarter, and work to nearly impossible standards to meet deadlines and innovate beyond our wildest imaginations? Yeah, yeah.</p><p>Did he somehow know that he was going through all of the above while stopping everything he was doing and asking me to go for a walk made me feel like nothing else in the world was more important than me and my problems at that moment-and that he did everything he could to make things better, and almost always did? Yeah, yeah.</p><p>Did he ever stop trying when he couldn't find a solution or help immediately? By no means.</p><p>Did he ask for more than he gave? By no means.</p><p>Is he trying harder, but having more to lose? Always.</p><p>Did he get into the job of Apple so weak and emaciated that he can barely walk because of cancer, but fighting as hard as every one of our employees? Yeah, yeah.</p><p>Did he ever agonize about it-and, even though his problems and concerns were more urgent, did he ever fail to notice the problems and concerns of each of us? No, no.</p><p>Do I really know or close to knowing Steve? It's impossible.</p><p>Does anyone understand? Nobody. (Maybe Lauren and his beautiful children know a little.)</p><p>Do I miss him very, very, very much? You have no idea.</p><p>Could there be someone to replace him, or could there be anyone close to his height? It's absolutely impossible.</p><p>I hope the few readers here at least walk away with a really \"interesting\" Steve story. Maybe they'll get another glimpse of what he looks like through my experience with him. I hope so.</p><p>He changed a lot of things. But most importantly he changed me. I became a better person because I knew him. He gave me such a wonderful life.</p><p>Thanks Steve-I love you and still miss you.</p><p>Your friend, forever</p><p><img src=\"https://static.tigerbbs.com/365da2e4bdaa071a5fe2210c8b7a8fb3\" tg-width=\"474\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p>","source":"lsy1623681541174","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>How did Jobs interview me back then?</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nHow did Jobs interview me back then?\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">周喆吾</strong><span class=\"h-time small\">2021-06-14 22:38</span>\n</p>\n</h4>\n</header>\n<article>\n<p><b>Translator's note:</b>This article is an answer to the question \"How hard did Steve Jobs work?\" On Quora. The author of the article is so excited that his hands are shaking, and there are a lot of emotional typos in typing, sometimes a bit incoherent. The translator tries his best to restore the original flavor of the story and the author, and hope readers will accept the inconsistency. I've had the pleasure of working for Apple since 2003, and being at Apple during that very special time, particularly working with Steve on all sorts of things, I felt very happy.</p><p>And, I'm fairly confident that Steve sees me as a friend, not just a colleague he works with.</p><p>Looking back, I was lucky to be specifically introduced and then recruited by Apple.</p><p>I flew to Cupertino (where Apple is headquartered in California) for an interview, just after completing my PhD at MIT; I was very maverick at the time (the unflattering kind). I went to the interview because people around me told me that I must be crazy if I didn't even go to the interview. I made up my mind to go there and talk, and then turn down any Offer from Apple.</p><p>After visiting the beautiful buildings, this further convinced me that I would refuse<b>Any Offer</b>, because it is so to me<b>Corporatization</b>And somehow feels very<b>Hypocrisy</b>。 I was taken to an interview with a vice president who asked me some very usual interview questions, and then in the middle of answering the questions I heard a door open and close, and then a voice behind me said:</p><p>\"We really still ask these stupid\" damn questions in interviews … what are the possible responses from candidates that would allow us to tell if they are completely stupid or completely smart? \"</p><p>I don't have to turn around.<b>I know it's Steve who's talking.</b></p><p>He continued to walk around his desk and waved the Senior Vice President who was interviewing me away from his office. Then he sat down and silently read a piece of paper in his hand (I guess it was the interview question list that the vice president was going to ask me just now). He never looked at me or spoke to me.</p><p>He read on, occasionally laughing at what he read, shaking his head or calling anything he read useless.</p><p>After what seemed like forever, he threw the question sheet across the room and it actually hit a framed piece of art, which dropped loudly to the floor-Steve never bothered to look at the piece of art we might have badly damaged. He just stared at me, like<b>Forever</b>Just as long. (Definitely a very awkward minute, actually really seemed like an eternity in this case.)</p><p>Then he asked:<b>\"Who are you?\"</b>I told him my resume was on the desk-and he said \"I didn't ask you that.\" (In the meantime, mind you, his eyes never took away from his harsh, burning gaze.)</p><p>I told him my name; Then he quickly replied, \"If I wanted to know your name, I'd ask what your name is … I'm asking who you are\" … \"You're not very good at interviewing, are you?\"</p><p>I said I was someone who came all the way to interview for a job I most likely wouldn't accept-but being asked over and over why I didn't interview was a pain, so I thought I'd go for an interview, turn down the Offer, and go home and get on with other things. Problem solved. Then I told Jobs that my only concern before I came was that it might be embarrassing to refuse a job if they offered me one. Then I thanked him for what he had just done and made it easy for me to say no, because he was such a<b>Arrogant bastard</b>。</p><p>He looked at me puzzled for a few seconds, then asked puzzled, \"You know<b>Who am I</b>\"Yes, right?\" I said yes. He said:<b>\"You know I'm</b><b><i>Steve Jobs</i></b><b>”</b>I nodded-he sat back in his chair (still confused) and then he smiled and told me, \"This office sucks, this vice president has no taste.\"</p><p>I actually agree that this guy really doesn't have a good taste.</p><p>He said, \"Well, I'm going for a walk every day now, and you seem smart enough not to stay through this interview for a job you're not going to take. And, today is really a pretty awesome day\" (yes, he really uses his old mantra, lol) \"Join me on the walk\". I'm a little dizzy: Jobs in front of me is simply the embodiment of all the mean comments I heard about him before I came here. What a complete jerk. But I did want to go for a walk with him; I really don't understand why. But I kept up with him anyway.</p><p>We were walking and it was interesting to me that no one of the people who worked there greeted him or nodded to him at all-honestly most people seemed to take awkward turns as if they were trying to avoid him.</p><p>Somehow, though he might never notice, because even during our small talk, he's the kind of him that even in a crowded hallway, somehow, being a big man, makes you feel like the only thing he cares about in the world is you; He gives you his absolute<b>Get absorbed</b>。</p><p>It's quite unique and he can often easily make you look as if you're not even in the physical space. And this unique feeling of invading your existence is, in a way, a kind of complete rudeness.</p><p>Once we were outside in the open space, Steve's conversation suddenly changed-he was basically confused and asked me why I didn't want to come to work for him. He started counting almost childlike logic-he asked me \"assuming I wasn't rude and completely ruined your interview, would you still say no?<i>I am a very annoying person</i>The facts of have nothing to do with your choice? \"Yes, isn't it?\"</p><p>I said, \"Do you really know you're so rude?\" He said, \"Yes, I<b>Of course I do</b>I'm rude \"-\"<b>I'm Steve, I'm usually rude</b>\"(Like I asked a strange question)</p><p>Then he started selling me Apple-he told me all the stuff they did, but I couldn't have guessed that there were other \"great things\" (yes, he used that mantra too) and he told me all these things, crazy things. (He hasn't actually asked my name yet, by the way)</p><p>However, like the most excited kid in the world, he talked endlessly about Apple and their \"cool stuff\",<b>It's all so sincere</b>(At the same time, he said that I was a child, that I hadn't even worked before, and that if I didn't work for Apple, then I was a complete idiot.) The whole scene was crazy.</p><p>I kept wondering if this guy had been with me for so long missing some meeting or for sure he had to take care of things somewhere. Then he said he wanted to show me \"something\" and meet Johnny.</p><p>We walked into Jonny's little world, and he was very polite to me, and then gave me a clear look<b>Steve in super excited state</b>(Jonny whispers that he really likes you.-I whispers that he doesn't even know my name, seriously, Jonny says then he really likes you<b>You</b>), and he went back to work.</p><p>Finally, someone found Steve and said that there was a super important guest who had been waiting for him in his office for 90 minutes. His face changed again and he said, \"I<b>Really</b>Must go \"and then tell the person who found him to\" let him wait \".</p><p>Then he told me: \"Look, I promise it will be great … I can show you all this, but you can't digest it for a while … He said\" Give me a month at Apple and just leave if I'm wrong … I'll pay you 3 times your normal monthly salary, the company is here to provide you with an apartment and a car, and if I'm wrong, I'll pay for everything you want or anything to move things back and forth \".</p><p>I said, \"You don't even know my name, Steve.\"-<b>Then he said my full name</b>He knew all kinds of things about me, where and when I went to what school, my birthday-where I grew up.</p><p>Now I'm confused. extremely.</p><p>I asked him why he had made everything so awkward at the time, or had not told me anything before.</p><p>He said: \"<b>Wouldn't that be more fun?</b>”</p><p>I have to agree.<b>Is more interesting</b>。</p><p>Steve then said \"you're funny\" I asked him why and he told me \"you just have to be funny... things... people are mediocre\" and \"you're funny\".</p><p>Then he said, answer me, \"<b>Come or not</b>”。</p><p>I was completely confused haha and I said: \"OK, a month will be a month\".</p><p>He strode away and said, \"I'll see you tomorrow.\" I reminded him, \"It's Friday.\" He said, \"I know!\"</p><p>The door closed and Steve was gone.</p><p>I didn't know what to do because honestly, I didn't even know where I was in the building-I guess Steve hired me, but where did I go-who did I talk to? How do I explain the outrageous Offer he gave me?</p><p>I went back to the office where the interview started to find the VP who was kicked out. All the time trying to figure out what I was going to say, and then I realized I didn't even know what position he wanted me to do.</p><p>It probably took me 10 minutes to get to the vice president's office (I knew Steve was in what must be a serious meeting, so I couldn't ask him).</p><p>But when I got to that office-maybe it was only 7-9 minutes. Somehow, every crazy part of the Offer Steve gave me, specific to the tiniest detail, was somehow fully conveyed to that VP by magic.</p><p>There were about three people in that office making everything he promised me happen-someone called to say my driver's license had been photocopied, I heard someone on the phone talk about getting my apartment ready for me-and they asked if I could arrange for someone to open my apartment so that the movers could enter (I told them I didn't need so much... The girl looked at me and said, \"Look, Steve said he wanted you to stay here while you moved everything... If he didn't get what he wanted, I'd get into trouble\" (she almost explained Steve in a weird way)</p><p>I sat down to fill out the confidentiality agreement-and other paperwork-and I finally asked what exactly is my job or title? I was told that my position was \"Steve hired\" (basically, when I found the right position, they would make another title for me).</p><p>Everything promised was delivered instantly-apartment, car etc in 30 minutes, I got the keys-I received a map of the apartment and a map back to get back to Apple HQ (Infinite Loop 1). I was told not to be late-Steve hated being late.</p><p>I never returned to my apartment at MIT.</p><p>Before I returned to the east coast, 2 years passed, probably closer to 3.</p><p>Steve \"caught me\".</p><p>Sorry this is too long-doesn't really answer your question. But okay, I'm probably the only one who remembers it now after he's gone.</p><p>My obvious prejudice aside; What a great story.</p><p>When I first wrote this, I was laughing so hard that tears were running down my cheeks.</p><p>I'm still at Apple-I'm in a senior position right now. It's really the only company I've ever been with. I enjoyed it very much.</p><p>I only occasionally look back at Apple and Steve's experiences and, to some extent, what I've been involved in. It is so wild.</p><p>One of the things Steve put in my hand back then was an iPad that had been jointly debugged, so many years ago. Imagine how I feel right now, seeing them every day, wherever I go, and knowing that I play a part in it.</p><p>Does Steve work hard? Worked harder than anyone else. Does Steve always put everything, every risk, and every potential failure on himself?<b>Yeah, yeah.</b></p><p>Did he somehow build a device like the iPad-something that no one even knew was supposed to exist, and turn it into something that everyone must have?<b>Yeah, yeah.</b></p><p>Did his vision for the operating system lay most of the core of OS X so many years ago? Yeah, yeah.</p><p>Are there thousands of people who helped Steve create this vision and make it productive? Yeah, yeah.</p><p>Did Steve change the world? Yeah, yeah.</p><p>Did Steve honor every single thing he said that weird day he hired me,<i>Each</i>Commitment? Absolutely.</p><p>Has he often been so incredibly harsh, mean, harsh, rough, difficult, extreme, and sometimes cruel? Yeah, yeah.</p><p>Did he push everyone at Apple to be better, smarter, and work to nearly impossible standards to meet deadlines and innovate beyond our wildest imaginations? Yeah, yeah.</p><p>Did he somehow know that he was going through all of the above while stopping everything he was doing and asking me to go for a walk made me feel like nothing else in the world was more important than me and my problems at that moment-and that he did everything he could to make things better, and almost always did? Yeah, yeah.</p><p>Did he ever stop trying when he couldn't find a solution or help immediately? By no means.</p><p>Did he ask for more than he gave? By no means.</p><p>Is he trying harder, but having more to lose? Always.</p><p>Did he get into the job of Apple so weak and emaciated that he can barely walk because of cancer, but fighting as hard as every one of our employees? Yeah, yeah.</p><p>Did he ever agonize about it-and, even though his problems and concerns were more urgent, did he ever fail to notice the problems and concerns of each of us? No, no.</p><p>Do I really know or close to knowing Steve? It's impossible.</p><p>Does anyone understand? Nobody. (Maybe Lauren and his beautiful children know a little.)</p><p>Do I miss him very, very, very much? You have no idea.</p><p>Could there be someone to replace him, or could there be anyone close to his height? It's absolutely impossible.</p><p>I hope the few readers here at least walk away with a really \"interesting\" Steve story. Maybe they'll get another glimpse of what he looks like through my experience with him. I hope so.</p><p>He changed a lot of things. But most importantly he changed me. I became a better person because I knew him. He gave me such a wonderful life.</p><p>Thanks Steve-I love you and still miss you.</p><p>Your friend, forever</p><p><img src=\"https://static.tigerbbs.com/365da2e4bdaa071a5fe2210c8b7a8fb3\" tg-width=\"474\" tg-height=\"321\" referrerpolicy=\"no-referrer\"></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://mp.weixin.qq.com/s/p_XATpLaxwUhQ3wQIoWc6Q\">周喆吾</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/a17a5802de46cd38969328d45ff741ec","relate_stocks":{"AAPL":"苹果"},"source_url":"https://mp.weixin.qq.com/s/p_XATpLaxwUhQ3wQIoWc6Q","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1103587070","content_text":"译者按：本文是Quora上关于“How hard did Steve Jobs work?”问题的回答。文章作者非常激动到手抖，打字有大量的情绪化错别字，有时有点语无伦次，译者尽可能还原这个故事和作者的原汁原味，其中不通顺的地方望读者海涵。\n\n自 2003 年以来，我一直很高兴为 Apple 工作，并且在那个非常特殊的时期在 Apple 工作，特别是与史蒂夫一起处理各种事情，我感到非常高兴。\n而且，我相当有信心史蒂夫将我视为朋友，而不仅仅是与他一起工作的同事。\n回头看，我很幸运被特别内推，然后被 Apple 招募。\n我飞到库比蒂诺（加州 Apple 总部所在地）面试，当时我刚刚在麻省理工学院（MIT）完成博士学位；我当时非常特立独行（不讨人喜欢那种）。我去面试是因为周围人告诉我如果我连去面试都不去，那我一定是疯了。我打定主意，去了就是聊聊，然后拒掉 Apple 公司开的任何Offer。\n在参观了美丽的建筑之后，这让我进一步确信我会拒绝任何Offer，因为它对我来说是如此的公司化并且不知何故感觉很假惺惺。我被带到了与一个副总裁的面试中，他问了我一些很平常的面试问题，然后在回答问题的中间我听到一扇门打开和关闭的声音，然后在我身后响起一个声音说：\n“我们真的还在面试时问这种愚蠢的“该死的问题……候选人有什么可能的回答可以让我们区分他们是完全愚蠢还是完全聪明？”\n我没必要转身。我知道说话的是史蒂夫。\n他继续在办公桌周围走来走去，并挥挥手把正在面试我的高级副总裁从他的办公室赶走了。然后他坐下来，默读着手里的一张纸（我猜是刚刚那个副总裁准备问我的面试问题表）。他从不看我，也不跟我说话。\n他继续读下去，偶尔会嘲笑他读到的东西，摇头或称他读到的任何东西都没用。\n在看似永远那么久的时间过后，他将问题表扔到房间的另一头，它实际上击中了一件带框的艺术品，艺术品大声掉落在地板上 —— 史蒂夫从不费心看那件我们可能已经严重损坏的艺术品。他只是盯着我看，就像永远一样久。（绝对是非常尴尬的一分钟，实际上在这种情况下真的像是永恒。）\n然后他问：“你是谁？”我告诉他我的简历在桌子上——他说“我没有问你那个。”（与此同时，请注意，他的目光从未从他刺眼的灼灼凝视中移开。）\n我告诉他我的名字；然后他很快回答道：“如果我想知道你的名字，我会问你叫什么名字……我问的是你是谁”……“你不是很擅长面试，是吧？”\n我说我是个为了一份我很可能不会接受的工作而大老远跑来面试的人 —— 但是被一遍又一遍地问为什么我不去面试是一种痛苦，所以我想我会去面一下，把Offer拒绝掉，然后回家继续做其他事情。问题搞定。然后我告诉乔布斯，我来之前唯一担心的是，如果他们给我一份工作，拒绝工作可能会很尴尬。然后我感谢他刚才的所作所为让说出拒绝对我来说变的很容易，因为他真是一个傲慢的混蛋。\n他很不解地看了我几秒钟，然后疑惑地问：“你知道我是谁，对吧？”我说是的。他说：“你知道我是史蒂夫，史蒂夫·乔布斯”我点点头——他坐回椅子上（仍然很困惑）然后他微笑着告诉我：“这个办公室糟透了，这个副总裁没有一点品味。”\n我实际上同意这哥们品味确实不咋地。\n他说：“好吧，我现在每天都去散步，你看起来足够聪明，不会为了一份你不打算接受的工作而熬着完成这次面试。并且，今天真的是非常棒的一天”（是的，他真的用了他那句老套的口头禅，哈哈）“加入我一起走吧”。我有点晕头转向：眼前的乔布斯简直是来之前听到的关于他的所有刻薄评论的化身。真是个彻头彻尾的混蛋。但我确实想去跟他散步；我真的不明白为什么。但我还是跟上了他的脚步。\n我们正在走路，对我来说很有趣的是，在那里工作的人完全没有人跟他打招呼或向他点头 - 老实说，大多数人似乎采取尴尬的转弯，好像都想避开他。\n不知何故，尽管他可能永远不会注意到，因为即使在我们闲聊时，他也是那种即使在拥挤的走廊里，不知为何，作为个大人物的他，会让你觉得他在世界上唯一关心的就是你；他全程给你他绝对的全神贯注。\n这是非常独特的，他经常可以很容易地让你看起来好像你甚至不在物理空间中。而这种独特的侵犯你的存在的感觉，某个角度看是种彻底的粗鲁。\n一旦我们在外面的空地上，史蒂夫话锋突变 - 他基本上很困惑的问我为什么不想来他那里工作？他开始历数几乎像孩子一样的逻辑——他问我“假设我没有粗鲁并且完全破坏了你的面试，你仍然会拒绝吗？我这个人很惹人讨厌的事实与你的选择无关？是不是？”\n我说：“你真的知道你这么粗鲁吗？”他说“是的，我当然知道我很粗鲁”-“我是史蒂夫，我通常很粗鲁”（就像我问了一个奇怪的问题）\n然后他开始向我推销 Apple - 他告诉我他们所做的所有事情，但我不可能猜到还有其他“伟大的东西”（是的，他也用了这句口头禅）他告诉我所有这些东西，疯狂的东西。（顺便说一句，他实际上还没有问过我的名字）\n但是，他就像世界上最兴奋的孩子一样滔滔不绝的讲起 Apple 和他们的“酷东西”，这一切都是那么真诚（同时他说我就是个孩子，我以前甚至没有上过班，如果我不去 Apple 工作那么我是一个彻头彻尾的白痴。）整个桥段太疯狂了。\n我一直在想，这家伙陪我这么久，是不是缺席了某个会议，或者肯定他必须在某个地方处理事情。然后他说他想给我“看个东西”，并见见 Johnny。\n我们走进了 Jonny 的小世界，他对我非常有礼貌，然后用了然的眼光瞅了一眼超级兴奋状态的史蒂夫（Jonny 小声说他真的很喜欢你 - 我小声说他甚至不知道我的名字，认真的， Jonny 说那么他真的很喜欢你），然后他回去工作了。\n终于有人找到史蒂夫说有一个超级重要的客人在他的办公室里已经等了他整整 90 分钟，他的脸色又变了，他说“我真的必须走了”，然后告诉找到他的人“让他等一下”。\n然后他告诉我：“听着，我保证这会很棒……我可以向你展示这一切，但你一时半会儿消化不了……他说“给我在 Apple 呆一个月，如果我错了就直接离开……我会付钱给你正常月薪的 3 倍，公司在这里为你提供公寓和汽车，如果我错了，我会支付你想要的一切或任何搬东西来回的费用”。\n我说“你甚至不知道我的名字啊史蒂夫” -然后他说了我的全名，他知道关于我的各种事情，我在哪里、什么时候上的什么学校，我的生日——我长大的地方。\n现在我很困惑。非常。\n我问他为什么当时他把一切都弄得这么尴尬，或者之前什么都没告诉我。\n他说：“这不是更有趣吗？”\n我不得不同意。是更有趣。\n史蒂夫然后说“你很有趣”我问他为什么，他告诉我“你只需要做个有趣的人...事情...人们都很平庸”和“你很有趣”。\n然后他说，回答我，“来不来”。\n我完全糊涂了哈哈，我说：“好吧，一个月就一个月”。\n他边大步流星走开边说“我们明天见”，我提醒他：“今天是星期五”，他说“我知道！”\n门关上了，史蒂夫走了。\n我不知道该怎么办，因为老实说，我甚至不知道我在大楼的什么地方——我猜是史蒂夫雇了我，但我去了哪里——我和谁说话了？我如何解释他给我的离谱的 Offer？\n我回到面试开始的办公室去找那个被赶出去的副总裁。一直试图弄清楚我要说什么，然后我意识到我甚至不知道他想让我做什么岗位。\n我可能花了 10 分钟才到达那个副总裁的办公室（我知道史蒂夫在一场肯定是很严肃的会议中所以没法去问他）。\n但是当我到达那个办公室时——可能只有 7-9 分钟。不知何故，史蒂夫给我的 Offer的每一个疯狂的部分，具体到最微小的每一个细节，都以某种方式被魔法完全传达给了那个副总裁。\n那个办公室里大约有 3 个人正在让他向我保证的一切都发生——有人打电话说我的驾照已经复印好了，我在电话里听到有个人说要为我准备好公寓——他们问我是否可以安排某人打开我的公寓好让搬家工人入场（我告诉他们我用不着这么多……那个女孩看着我说：“你瞧，史蒂夫说他想要的是你就留在这里，同时你的所有东西都搬好……如果他想要的事情没有完完整整一字不差的完成，我就惹麻烦了”（她几乎既用一种奇怪的方式解释着史蒂夫，又担心她会因为没有完成任务而遇到麻烦）\n我坐下来填写保密协议——以及其他文书工作——我终于问我的工作或头衔到底是什么？有人告诉我，我的职位是“史蒂夫雇来的”（“Steve hire”）（基本上是说，等我找到合适的职位，他们再为我制作一个头衔）。\n一切承诺都立即得到了兑现——公寓、汽车等在 30 分钟内完成，我拿到了钥匙——我收到了一张公寓的地图和一张回来的地图，以便返回 Apple总部（无限循环路 1 Infinite Loop）。我被告知不要迟到 —— 史蒂夫痛恨迟到。\n我再也没有回到我在麻省理工的公寓。\n在我回到东海岸之前，2 年过去了，可能更接近 3 年。\n史蒂夫“抓住了我”。\n对不起，这太长了 - 并没有真正回答你的问题。但是好吧，我可能是现在他去世后唯一记得这件事的人。\n撇开我明显的偏见不谈；多么棒的故事啊。\n当我第一次写这篇文章时，我笑得很开心，泪水从我的脸颊上流下来。\n我还在 Apple - 我现在担任高级职务。这真的是我待过的唯一一家公司。我非常喜欢它。\n我只是偶尔回顾一下 Apple 和史蒂夫的经历，并在某种程度上回顾了我曾经参与过的事情。它是如此狂野。\n史蒂夫当年放在我手里的东西之一是一个已经联调启动的 iPad，那么多年之前。想象一下我现在的感觉，每天看到他们，无论我走到哪里，并且知道我在其中发挥了一定的作用。\n史蒂夫努力吗？比谁都努力。史蒂夫是不是总是把一切、每一个风险和每一个潜在的失败都放在自己身上？是的。\n他是否以某种方式制造了像 iPad 这样的设备——甚至没有人知道这东西应该存，并将其变成每个人都必须拥有的东西？是的。\n他对操作系统的愿景是不是从那么多年前就奠定了 OS X 其中大部分核心？是的。\n有成千上万的人帮助史蒂夫创造了这个愿景并使其成为生产力吗？是的。\n史蒂夫改变了世界吗？是的。\n史蒂夫有没有兑现他雇我的那奇怪的一天他说的每一个东西，每一个承诺？绝对的。\n他是否经常如此令人难以置信地严厉、刻薄、严厉、粗暴、困难、极端，有时甚至残忍？是的。\n他是否促使 Apple 的每个人变得更好、更聪明，并以几乎不可能的标准工作，以满足最后期限并超越我们最疯狂的想象力进行创新？是的。\n他是否以某种方式知道他在经历上述一切的同时，停下他手头在做的一切并请我去散步，让我觉得那一刻世上没有任何别的比我和我的问题更重要 - 并且他尽一切努力让事情变得更好，而且几乎总是如此？是的。\n当他无法立即找到解决方案或帮助时，他是否停止过尝试？绝不。\n他有没有索取得比他给予的更多？绝不。\n他是不是更努力了，却要失去更多？总是。\n他是不是因为癌症而进入苹果公司如此虚弱和瘦弱，以至于几乎无法走路，却像我们每个员工一样拼了命的工作？是的。\n他是否曾经为此苦恼过——尽管他的问题和担忧更为紧迫，但他是否曾未能注意到我们每个人的问题和担忧？不。\n我真的了解或接近了解史蒂夫吗？不可能的。\n有人了解吗？没人。（也许劳伦和他漂亮的孩子们了解一点吧）\n我是不是非常非常非常想念他？You have no idea.\n会不会有取代他的人，或者会不会有任何接近他的高度的人？绝对不可能。\n我希望这里的少数读者至少能带走一个真正“有趣”的史蒂夫故事。也许他们会通过我和他的经历再次瞥见他的样子。希望如此。\n他改变了很多东西。但最重要的是他改变了我。因为认识他，我成了一个更好的人。他给了我如此美好的生活。\n谢谢史蒂夫 - 我爱你，仍然想念你。\n你的朋友，永远","news_type":1,"symbols_score_info":{"AAPL":0.9}},"isVote":1,"tweetType":1,"viewCount":2181,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}