Héctor Cubino López @HectorCubi: "📊 Earnings Update Q3 2025 Here’s..."

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📊 Earnings Update Q3 2025 Here’s my take on the latest results from the companies in our portfolio. I spent quite a while reviewing them tonight, though I’ll admit not as deeply as I would have liked (sleep is overrated 😅), so apologies if I miss a small detail along the way. Still, the numbers speak for themselves. They offer valuable insights and show how our key holdings are performing in what has been a fragile and unstable quarter, especially on the macro front. 🛍️ $MELI (MercadoLibre Inc) Solid results across the board: revenue up +39%, with EPS of $8.32, slightly below expectations, but honestly that doesn’t worry me. The business continues to deliver strong growth in commerce and payments with flawless execution, hardly surprising for LATAM’s most dominant company. Personally, I struggle to understand the market’s reaction. This is a company that strengthens its structural position every quarter, diversifies its revenue streams, and executes impeccably in every area. To me, the margin decline doesn’t signal weakness but a deliberate choice to expand. They are investing more today to secure even greater dominance tomorrow. But as the saying goes, when it rains, it pours, and it seems that for some, merit counts less when the accent doesn’t sound like Silicon Valley. 💬 $META (Meta Platforms Inc) Results came broadly in line with expectations, though the market, as usual, decided to interpret them its own way. Revenue rose +26% to $51.24B, and EPS came in at $1.05, which at first glance looks terrible. However, it was distorted by a one-off tax accounting adjustment with no operational or cash impact. Excluding that, EPS would have been around $7.25, perfectly in line with forecasts. Advertising grew, impressions increased, and average ad prices rose again. Traffic across Meta’s platforms remains dominant, and now the company is looking to turn its AI investments into a new competitive edge. Zuckerberg is clearly building for the long term, and while the market can read it however it wants, we are using the opportunity to add to one of the strongest and most visionary companies in the world. 💻 $MSFT (Microsoft) Overall, strong results: Revenue $77.7B (+18%) and EPS $4.13, beating estimates thanks to cloud strength. Microsoft Cloud reached $49.1B (+26%), and Azure +40%, marking its fastest acceleration in nearly two years. Still, shares reacted slightly lower, not because of the results but due to increased AI infrastructure spending, with annual CapEx near $35B, and a more cautious guidance for next quarter. In my view, the results were good, but the market once again focused on the cost of growth. Microsoft is investing today to reinforce its long-term leadership, and that has a short-term price. We continue to see it as a core structural holding, with solid margins and a nearly unassailable competitive moat. 🔍 $GOOG (Alphabet) What can I say… just a few months ago the market had practically written Google off because of AI fears and a fine. A perfect reminder of how irrational narratives can get at certain points in the cycle. Results came in stronger than expected: Revenue +16% to $102.3B and EPS $2.87, both above estimates. YouTube (+17%) and Google Cloud (+34%) led the way, while Search +12%, proving the core business remains a cash-generating machine. This time, the market acknowledged it, and the stock rose after earnings, reflecting renewed confidence in execution and Alphabet’s ability to integrate AI without losing profitability. Sundar Pichai summed it up perfectly: “We are building the future of Google with AI at the center, and that future is already taking shape.” And it’s true. Bubble or not, the speed at which AI is integrating into our daily lives is dizzying. Massive changes are coming, and they are already starting to show. 📈 Conclusion Honestly, I’m very pleased with the results. They reinforce the idea that the companies in our portfolio are true compounders, capable of creating sustainable value and maintaining leadership over time. Overall, earnings were strong and consistent, but the market’s reaction had little to do with fundamentals and more to do with current sentiment. It feels like the market wants to correct, and any excuse works to trim valuations in what is, frankly, an overheated environment. If you made it this far, thanks for your time 🙌 And while you’re here, a like would be much appreciated 🙂 $FRA40 $NSDQ100 $SILVER $ETH