Q1 2025 Earnings Conference Call Recaps: Affirm (AFRM)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Affirm’s (AFRM) Q3 2025 earnings call.
Affirm (AFRM) is a fintech company in the Buy Now, Pay Later (BNPL) space, allowing consumers to split purchases into installments, with no late fees or hidden charges. It partners with major merchants across industries like retail, electronics, travel, and fitness to provide both 0% APR promotional financing and interest-bearing loans at checkout. Affirm also issues the Affirm Card, a hybrid debit-credit product that extends the brand’s reach beyond merchant integrations to make it a challenger in consumer payments. The company delivered 36% GMV growth YoY and saw its strongest month of growth in March (+40% GMV), driven by rising demand for 0% APR financing and broad-based merchant traction. Management highlighted strong repayment trends and increased prepayments, signaling healthy consumer credit. The Affirm Card added features like foreign transactions. Executives emphasized the app’s dual role in repayment and offer discovery, while AI investments are improving dispute resolution and contract review. New partnerships with Costco and a renewed Shopify deal further strengthened Affirm’s network. The stock fell 14% on 5/9 despite the stronger-than-anticipated results on weaker guidance…
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Q1 2025 Earnings Conference Call Recaps: Cloudflare (NET)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Cloudflare’s (NET) Q1 2025 earnings call.
Cloudflare (NET) is a global cloud services provider that secures and accelerates everything connected to the Internet. Its platform offers content delivery, DDoS mitigation, Internet security, and edge computing solutions through a globally distributed network spanning over 310 cities. Cloudflare’s customer base ranges from startups to some of the world’s largest enterprises and government agencies. The company sits in front of roughly 20% of Internet traffic, providing unique insights into global web activity and cyber threats. NET reported revenue up 27% YoY to $479.1M and record growth in large customers. The quarter was highlighted by the company’s largest-ever deal (over $100M) due largely to its Workers developer platform, and record signings in both $1M+ and $5M+ cohorts. Workers and AI products saw explosive usage growth, with inference requests up 4,000%. Cloudflare also closed its longest SASE (Secure Access Service Edge) deal and noted that tariffs and hardware complexity are accelerating changes to its software-defined solutions. After beating revenue estimates, NET shares rose 7.5% on 5/9…
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The Bespoke Report – 5/9/25 – Limbo
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Q1 2025 Earnings Conference Call Recaps: Carvana (CVNA)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Carvana’s (CVNA) Q1 2025 earnings call.
Carvana (CVNA) is an e-commerce platform for buying and selling used cars online, with the purpose of simplifying and modernizing the car-buying process through fully digital transactions, home delivery, and a vertically integrated logistics and reconditioning network. The company owns and operates inspection centers, delivery infrastructure, and the ADESA wholesale auction network. CVNA serves retail consumers across the US and positions itself as a differentiated alternative to traditional dealerships by offering greater selection, convenience, and transparency. CVNA delivered record results in Q1 with 133,898 retail units sold (+46% YoY) and $4.23B in revenue (+38%), driven by gains in selection, brand trust, and efficiency. The company unveiled an ambitious goal to reach 3 million annual units over the next 5–10 years. Management hit on reinvesting gains into customer experience while leveraging existing infrastructure, including ADESA and underutilized inspection centers. Macro topics like tariffs and recession risks were addressed, with Carvana discussing adaptability and resilience in its model. Finance GPU was notably strong, aided by wider spreads and growing securitization support. The stock was up more than 12% on 5/8 after posting stronger results than expected…
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Q1 2025 Earnings Conference Call Recaps: Zillow (ZG)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Zillow’s (ZG) Q1 2025 earnings call.
Zillow (ZG) is a leading online real estate marketplace that helps consumers navigate buying, selling, renting, and financing homes. Its platform includes tools like Zillow Home Loans, the Premier Agent network, and the Housing Super App, which streamlines the moving process through integrated touring, financing, and agent support. With over 2 million active rental listings and 227 million monthly users, it remains one of the most influential players in US housing. ZG beat expectations in Q1 with $598M in revenue (+13% YoY), driven by strong growth in Rentals (+33%) and Mortgages (+32%). The Rentals segment hit a record $129M in revenue, fueled by a 47% increase in multi-family revenue and a 60,000-property count. Enhanced markets now account for 24% of connections and are expected to reach 35% by year-end. Showcase listings delivered a 30% higher agent win rate and 2% price premium. Despite a flat housing market, management reiterated 2025 goals for low to mid-teens revenue growth, citing momentum in rentals, product innovation, and integrated experiences. ZG shares were up modestly on 5/8…
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Bespoke’s Morning Lineup – 5/9/25
See what’s driving market performance around the world in today’s Morning Lineup. Bespoke’s Morning Lineup is the best way to start your trading day. Read it now by starting a two-week trial to Bespoke Premium. CLICK HERE to learn more and start your trial.
“If it’s in the papers, it’s in the price.” – Bill Miller
Below is a snippet of commentary from today’s Morning Lineup. Start a two-week trial to Bespoke Premium to view the full report.
Yesterday was the last big day for earnings season with roughly 200 companies posting Q1 numbers. For the next couple of weeks until Walmart (WMT) and NVIDIA (NVDA) wrap things up, we’ll see fewer than 30-40 reports per day.
While we saw a large percentage of companies cutting or pulling guidance in the early weeks of this earnings season in mid-April, things have taken a much more positive turn this month. The big uptick in positive guidance that we’ve seen so far in May has been enough to flip the guidance spread (% of companies raising minus lowering guidance) positive for the full earnings season. Of the 1,551 companies that have reported since the season began on April 10th, 6% have raised guidance versus 5% that have lowered. At the same time, 70% of companies have beaten consensus analyst EPS estimates, while 64% have beaten sales estimates. Q1 has basically been an average to slightly better-than-average earnings season during a period where market volatility and “uncertainty” raged due to President Trump’s tariff policy. In terms of share-price reactions, the average stock that has reported has averaged a one-day gain of 0.34% in reaction to the news. That’s very positive relative to history as well.
The Closer – The First Trade Deal – 5/8/25
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Looking for deeper insight into markets? In tonight’s Closer sent to Bespoke Institutional clients, we lead off with a rundown of today’s trade news in addition to the technical setups of a few pertinent aerospace stocks (page 1). We then review the latest earnings reports and Bitcoin’s break back above $100K (page 2). Next, we recap the latest productivity figures and housing affordability numbers (page 3) before closing with a dive into the New York Fed’s Survey of Consumer Expectations (pages 4 and 5).
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Q1 2025 Earnings Conference Call Recaps: Axon (AXON)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers Axon’s (AXON) Q1 2025 earnings call.
Axon (AXON) is a public safety technology company best known for its TASER devices and body-worn cameras, but its reach has expanded far beyond hardware. The company serves law enforcement agencies, federal clients, correctional institutions, and enterprise customers across the US and internationally. Its ecosystem includes digital evidence management tools, real-time video systems, AI transcription and assistance tools (like Draft One to write reports based on body cam footage and Axon Assistant), and rapidly growing capabilities in automatic license plate recognition (ALPR), drone defense, and fixed camera infrastructure. AXON delivered 31% YoY revenue growth to $604M, driven by strength in both software (+39%) and connected devices (+26%). Draft One and the AI Era Plan are gaining traction, with 30,000 active users and growing momentum expected into Q3/Q4. International bookings hit a record, and federal demand remains strong, especially around drones, border surveillance, and real-time video. Management highlighted fast adoption of TASER 10 (2x faster than TASER 7) and teased the upcoming Apollo cartridge as a game-changer. AXON also launched fixed ALPR products and integrations with Ring and Citizen. On better-than-expected results, AXON shares rose close to 13% on 5/8…
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Q1 2025 Earnings Conference Call Recaps: DoorDash (DASH)
Bespoke’s Conference Call Recaps use AI to summarize lengthy earnings calls. The commentary below is AI-generated and then edited by Bespoke for quality control. As always, none of these summaries should be construed as recommendations to buy or sell any securities, and investors should do their own research and/or consult with a financial professional before making any investment decisions.
Our latest recap available to Bespoke subscribers covers DoorDash’s (DASH) Q1 2025 earnings call.
DoorDash (DASH) is a logistics and technology company best known for its food delivery platform, which connects consumers with restaurants, grocery stores, and other local businesses. Beyond food delivery, DASH has expanded into grocery, retail, and convenience, building a broader “local commerce” ecosystem. It serves tens of millions of consumers and hundreds of thousands of merchants across the US and internationally, including through its Wolt subsidiary in Europe. The company has also developed a growing suite of B2B offerings under the DoorDash Commerce Platform, such as Drive, Storefront, and its recent acquisition SevenRooms, which adds marketing and guest management tools for merchants. DASH reported record financial results with revenue increasing 21% YoY to $3.03 billion and Marketplace Gross Order Value (GOV) rising 20% to $23.1 billion. Total orders grew 18% to 732 million. The company achieved GAAP net income of $193 million, a significant turnaround from a $23 million loss in the same quarter last year. Growth was supported by resilient consumer demand and expanding verticals. Grocery showed notable momentum, with growing baskets and increased MAU overlap with restaurant users. Management emphasized disciplined M&A, citing strategic rationale behind the Deliveroo and SevenRooms deals, which expand their European footprint and deepen their B2B platform. Affordability remained a key focus, DashPass hit an all-time high in subscribers, and promotional investments weighed modestly on take rate in Q1 but are expected to rebound. The company also highlighted progress in autonomy, including delivery robotics and drone testing, with rising capex tied to merchant tablet refreshes and long-term infrastructure bets. Shares fell 7.4% on 5/6 on mixed results…
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The Bespoke 50 Growth Stocks — 5/8/25
The “Bespoke 50” is a basket of noteworthy growth stocks in the Russell 3,000. To make the list, a stock must have strong earnings growth prospects along with an attractive price chart based on Bespoke’s analysis. There were 20 changes to the list this week.
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To see all 50 stocks that currently make up the Bespoke 50, simply start a two-week trial to Bespoke Premium or Bespoke Institutional.
The Bespoke 50 performance chart shown does not represent actual investment results. The Bespoke 50 is updated monthly on Thursdays unless otherwise noted. Performance is based on equally weighting each of the 50 stocks (2% each) and is calculated using each stock’s opening price as of Friday morning after publication. Entry prices and exit prices used for stocks that are added or removed from the Bespoke 50 are based on Friday’s opening price. Any potential commissions, brokerage fees, or dividends are not included in the Bespoke 50 performance calculation, but the performance shown is net of a hypothetical annual advisory fee of 0.85%. Performance tracking for the Bespoke 50 and the Russell 3,000 total return index begins on March 5th, 2012 when the Bespoke 50 was first published. Past performance is not a guarantee of future results. The Bespoke 50 is meant to be an idea generator for investors and not a recommendation to buy or sell any specific securities. It is not personalized advice because it in no way takes into account an investor’s individual needs. As always, investors should conduct their own research when buying or selling individual securities. Click here to read our full disclosure on hypothetical performance tracking. Bespoke representatives or wealth management clients may have positions in securities discussed or mentioned in its published content.