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13–17 of 17 notes
Markets
Meta sold more advertising than in any quarter in its history and earned less money doing it. Costs grew twice as fast as revenue and the operating margin lost twelve points. In a risk factor, not the accounts, the company discloses $349 billion of contracts it cannot cancel, most of it third-party cloud capacity.
Zillow Group's shares have lost roughly two thirds of their value while its audience held steady. The second quarter filing explains why: mortgages contributed more revenue growth than the advertising marketplace, and the money funding them is borrowed on lines the bank is not obliged to honour.
Airbnb beat earnings estimates by 11 cents a share and the stock rose more than 11 percent. Its quarterly report, filed the same day, discloses a $77 million tax benefit relating to prior years, worth about 13 cents a share. Remove it and the quarter is a fourth consecutive miss.
SpaceX's first 10-Q discloses $13.3bn owed to Valor Equity Partners, whose founder and chief executive is a SpaceX director. The money paid for AI infrastructure hardware, and the balance has nearly tripled since December. It now costs more in interest than all the company's other debt combined.
Nvidia has committed tens of billions to companies across its own customer base: equity in CoreWeave and Nebius, and $3.5bn of facility lease guarantees. But the filings that disclose the capital never name a financed customer in the revenue-concentration note. This is what can and cannot be concluded.