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Analyst
Tim Long
Period: Reporting periods mapped to calendar 2024 Q4 – 2026 Q3 (8 quarters).
- Questions
- 91on tracked calls
- Challenge rate
- 10%9 of 91 questions
- Companies
- 15questioned at least once
- Reporting periods
- 8with questions
These figures cover the whole profile: every tracked question, all reporting periods.
How to read these numbers
Challenge rate is the share of questions that pushed back, pressed for specifics or questioned management’s assumptions. It describes how questions were asked on the calls tracked here; it does not measure whether any view turned out to be right.
Rounding. Rates are rounded to whole percentages, so a small share can show as 0% even when some questions were challenging. The count beside each rate is exact; “none of N questions” means no question was challenging.
No questions recorded. “—” means there is nothing to calculate: no questions were recorded for that period on the calls tracked here. It does not mean there was no activity.
Fewer than 3 questions. A company-level rate is withheld when fewer than 3 questions were recorded for that company; the questions are still counted everywhere else.
Small samples. Profiles with fewer than 10 questions are marked Limited sample.
Reporting periods. Questions are grouped by the calendar quarter each company’s fiscal reporting period maps to, not by the date of the call. Periods without a calendar mapping are listed separately under their fiscal label.
Questions asked
Grouped by company, most questions first. Open a company to read its questions, newest reporting period first.
Showing 91 of 91 questions from 15 companies
FFIVF5, Inc.14 questions · 7 reporting periods · 3 of 14 challenging
Calendar 2026 Q2
So could you maybe talk about maybe near-term gross margin related easing and maybe potential for pressure
Show response
Werner named both drivers of the Q4 gross margin improvement (mix and multi-vendor component sourcing) and explained why FY27 guidance was left alone.
Are you seeing and expecting the revenues for your AI-related direct-related business to grow in line
Show response
Locoh-Donou declined to equate customer growth with revenue growth and would not update the $50 million figure, deferring a fuller AI revenue disclosure to year-end.
Calendar 2026 Q1
How should we look at it? Any data points you can give us as far as the scale and the traction you guys are seeing on the customer side
Show response
Francois disclosed H1 FY26 AI revenue of approximately $50 million, up 200%+ year-on-year. Approaching 100 AI customers. Mix shifted from data delivery-dominant to balanced with security. Also noted indirect AI benefits from infrastructure readiness that are harder to quantify.
why not a little bit more of a raise there after a pretty solid growth quarter
Show response
Cooper confirmed Q2 software was right at expectations. H2 growth expectation more balanced across quarters. Renewal base utilization rates healthy, supporting mid-single-digit full-year growth. FY27 expected to see software growth inflection from larger renewal base.
Calendar 2025 Q4
the sequential know, looks like it was a little worse than normal. So, you know, how do we think about that in the quarter and how we can get to mid-single digits
Show response
Cooper confirmed Q1 software was slightly ahead of expectations despite tough compare. No demand disruption on new software projects. Renewal cohort for remainder of year is strong with healthy utilization rates supporting mid-single-digit full-year growth.
Market share versus market growth, it seems like we're starting to see hardware that you're selling or systems that you're selling in maybe new use cases
Show response
Francois identified two new catalysts accelerating hardware demand beyond refresh: 1) European regulation (NIST 2, DORA, Cyber Resilience Act) driving resilience and sovereignty investment, 2) enterprise AI adoption accelerating hybrid multi-cloud architectures. Both drive net new demand beyond traditional refresh cycles.
Calendar 2025 Q3
could you talk about some of the other economics that you see as you transition to DCS, things like deal sizes, win rates
Show response
Francois described DCS as land-and-expand: starts small (multiple thousands) then expands. One-third of DCS customers have expanded with 90% ARR growth among expanders. Over 1,300 DCS customers total, 26% of top 1,000 now on DCS.
Enterprise was really strong year-over-year and service provider was pretty weak
Show response
Francois cited financial services, healthcare, manufacturing, retail, and public sector all embracing hybrid multi-cloud. Service provider remains tepid as 5G hasn't driven expected ARPU growth or services adoption, limiting carrier CapEx.
Calendar 2025 Q2
could you just touch on kind of pipeline and how you're thinking about renewals and new deal activity heading into the end of the fiscal year?
Show response
Cooper confirmed healthy expansion on the large H2 renewal base through increased consumption and new use case adoption. New software projects were up year-to-date but down slightly in Q3 as some customers chose hardware over software deployment.
can you kind of break down, you talked about the applications and the reasons there, but some of the other factors that maybe contributed and how you think the sustainability of that will be going ...
Show response
Francois broke hardware into two-thirds tech refresh and one-third non-refresh secular trends (hybrid multi-cloud, regulatory resiliency, AI readiness/data repatriation). Expects hardware up year-over-year in FY26 but at more modest growth. No evidence of tariff pull-in.
Calendar 2025 Q1
how big of a driver and how the ramp of these replacements will go
Show response
Francois ranked hardware drivers: 1) tech refresh, 2) DC modernization/hybrid multi-cloud, 3) competitive displacement, 4) direct AI use cases. Expects refresh to last well into 2026.
pretty big growth in the second half embedded to get to double-digits. So, could you just give us a little color?
Show response
Cooper confirmed software growth weighted to H2 with strong visibility into renewal base. Two-thirds of software expected from renewals. Expansion trends continuing.
Calendar 2024 Q4
where do you think we are with inventory, or ability to keep those numbers going? It sounds like there are some share gains helping?
Show response
Francois indicated hardware likely in double-digit growth for the year, driven by refresh activity and competitive displacements. Cooper confirmed no supply constraints on fulfillment.
could you talk a little bit about the AI business? I don't know if you can scale for us how big it is currently, but more importantly if you can just touch on
Show response
Francois outlined three AI opportunity categories: data delivery to/from data stores (majority of wins), security for AI inferencing, and load balancing for AI factories. Deals span large enterprises across all geographies.
KEYSKeysight Technologies12 questions · 7 reporting periods · 0 of 12 challenging
Calendar 2026 Q3
how that business is looking from a R and D standpoint versus manufacturing
Show response
Neil said wireline, historically ~80/20 R&D-weighted, has shifted toward ~70/30 (recently closer to two-thirds/one-third) as manufacturing support for the AI build-out grows, while still heavily R&D-levered.
how important of a customer cohort is that
Show response
Satish said hyperscalers are ~10% of revenue directly but strategically important given their capital deployment and large downstream ecosystem influence; emulation of AI workloads is an emerging opportunity.
Calendar 2026 Q1
are you seeing some of these newer use cases and technologies as being fully additive to what's going on
Show response
CEO emphasized unprecedented concurrent tech waves with compressed refresh cycles. Kailash detailed hundreds of new components being designed for AI racks/clusters with physical and protocol layer validation. Neil noted hardware growth outpacing software mix shift but secular themes support gross margin expansion.
Calendar 2025 Q4
kind of what's it doing for you? And then secondly, if you could just talk about software and services, 37% on a year
Show response
CEO disclosed ~half of wireline business is AI-attributable. Wireline is just under half of commercial comms, wireless just over half. Software/services at 37% with acquisitions adding ~300bps toward 40%.
Calendar 2025 Q3
walk us through the moving parts around how we should think about that incremental margin number
Show response
CFO confirmed 40% incremental is right long-term framework. Q2-Q4 ex-tariff are overachieving it. Once tariffs are in baseline after lapping, incrementals should normalize.
you talked about it being stable, but it sounded like double-digit growth in the quarter. Was that largely just the compares
Show response
CEO attributed wireless strength to recovery from depressed levels. Year-to-date slightly ahead. Drivers: Release 18, AI edge applications, NTN with satellite operators, early 6G research.
Calendar 2025 Q2
Can you just kind of update us on what kind of new activity you are seeing there and how meaningful it is for the business
Show response
CEO confirmed wireline H1 double-digit growth. AI viewed as long-term secular trend with multiyear roadmap. Broad portfolio across memory, compute, networking in play.
what you are seeing in pipeline to get confidence in the second half
Show response
CEO cited strong Q2 finish, solid Q3 pipeline, and strong uptick in H2 pipeline activity. No material change in customer behavior despite tariff uncertainty.
Calendar 2025 Q1
I was hoping you could kind of walk us through the top three or four use cases and kind of where you are with customer base
Show response
CEO laid out compute (2nm, silicon photonics), memory (HBM, DDR6/7), networking (112→224→448 interconnects), and emulation (AI Data Center Builder) as four pillars.
Should still be this kind of slow and steady up and to the right or is there something that would accelerate that transition
Show response
CEO sees 40% as a milestone, not an endpoint. Organic NPI skews toward software; pending Synopsys/Ansys acquisitions will expand design space capabilities.
Calendar 2024 Q4
Could you maybe expand a little bit on how big that business is getting for you and maybe some examples of newer areas
Show response
CEO disclosed wireline exceeded $1B in orders at double-digit growth. Described broad customer set from silicon designers to hyperscalers and new emulation opportunities.
I just wanted to follow-up on the software services up to 39% of revenues here. Maybe just talk a little bit about that evolving part
Show response
CFO explained software is gross margin accretive while services are slightly dilutive, but both contribute to operating margin. CCO added ESI expanding to more customers.
NTAPNetApp12 questions · 7 reporting periods · 1 of 12 challenging
Calendar 2026 Q3
is there anything in the pipeline or new solutions or customer bases or anything that could maybe accelerate that number?
Show response
George pointed to sustained high-teens growth, new AI solutions with hyperscalers, and lower-cost block storage in Google and Amazon clouds.
Calendar 2026 Q2
just curious how you are thinking about sustainability of the growth rate there
Show response
George expects cloud to grow faster next year ex-Spot and views the shift to consumption models like Keystone as durable.
Calendar 2026 Q1
the gross margin in the Public Cloud was really high, I think, kind of above ranges. So Wissam, if you could talk a little bit about profitability of that business
Show response
Wissam confirmed operating at high end of 80-85% target range, comfortable but not tapped out. Too early to move the range. Cloud business is accretive to company margin and growing faster than other revenue streams.
Talk to us a little bit about going forward how you think we could potentially break out of that range?
Show response
George outlined three cloud growth levers: cohort management (expanding existing customer portfolio adoption with new capabilities and price points), connecting to hyperscaler AI growth rates (S3 access points for AWS expanding wallet), and scaling indirect go-to-market in more countries. Highly profitable and sticky business.
Calendar 2025 Q4
Do you think that high teens is sustainable? Or can some of these newer offerings help accelerate that number
Show response
George extremely positive on cloud business with record sequential incremental revenue in Q2. First-party growing north of 30%. Next big push is capturing AI and data-intensive cloud workloads with innovations coming over next 6-12 months. Key challenge is scaling go-to-market motion.
a lot of talk about NAND, but HDDs are tight and going up as well. So is there what's the impact on the business of QLC being used more than hybrid or maybe more than TLC?
Show response
George said HDDs performed better than planned in Q2. TLC, QLC, and HDDs all have distinct use cases, no single technology replacing the others. Seeing that pattern in business results.
Calendar 2025 Q3
could you just talk a little bit about what you're expecting mid to long term from Keystone, given how successful the public cloud business has been?
Show response
George cited three Keystone drivers: customers harmonizing IT ops to as-a-service model, transitional bridge for data center-to-cloud migrations, and competitive displacement tool (avoids double capital investment). Offering customer choice rather than forcing one model.
Could you talk a little bit about what NetApp is doing to try to convert the rest of that installed base and what that would mean for financials and margins
Show response
George described dual motion: high win rate in existing customer refreshes (consistent software/operational layer) plus significant new customer acquisition. 1% quarterly installed base growth implies large number of wins outside existing base. HDD still has a role for backup/cold storage.
Calendar 2025 Q2
I was hoping you could just touch on product gross margins kind of what kind of outlook there with NAND prices moving around? And you know, macro and competition?
Show response
Wissam expects product margins flat Q1 vs Q4 then gradual improvement through FY26, driven by cloud mix, flash growth, and moderating input costs.
George, you mentioned some big deals in the pipeline. Just curious how we're gonna see kind of acceleration of revenues and EPS growth through the year? What's kind of the level of visibility into ...
Show response
George cited all-flash share gains, cloud acceleration, and large AI deals in negotiation as drivers for full-year ramp. Q1 caution related to EMEA public sector uncertainty and tariff concerns.
Calendar 2024 Q4
you mentioned the RPO down sequentially. I know there's some unbilled in there, but everything else sounded pretty strong
Show response
Mike explained seasonal deferred revenue pattern and noted unbilled RPO (Keystone) continues to grow.
Pretty strong results Q-on-Q and year-over-year. Just curious what drove that and what's the outlook for that business
Show response
George attributed strength to long-term program spending and noted alignment between legislature and executive under new administration.
MSIMotorola Solutions10 questions · 5 reporting periods · 2 of 10 challenging
Calendar 2026 Q2
could you just touch upon some of the capacity increases you guys are undertaking?
Show response
Molloy detailed LA second-floor capacity plus a new Salt Lake City facility (benefit in 2027) and a doubled sales force; guide lives within current capacity.
does that, you know, lead us towards a little bit more growth in the software side in the future
Show response
Greg said video grew 12% and the guide was raised to 11%; software up double-digits with continued cloud and hybrid investment.
Calendar 2026 Q1
could you talk a little bit about kind of what drove that? Was there one-timers in there, particularly in Video with the big order
Show response
Jason detailed Video growth drivers across body-worn cameras, ALPR, Unity and Alta cloud platform. Greg added Alta has been a game changer for new verticals like retail and fitness.
Revenues were down year-over-year in the quarter. So maybe talk about what's going on in the LMR product area to start the year?
Show response
Jason and Greg explained LMR softness is expected from tough double-digit comps in prior Q1s from semiconductor supply normalization. Expect growth to accelerate in second half.
Calendar 2025 Q4
how you are thinking about federal as a TAM going forward
Show response
Jack confirmed 300,000 APX NEXT users by 2026 up from 200,000. FedRAMP approval for SVX and digital evidence management. Every field seller equipped with SVX. Customer feedback on fielded units outstanding. Market wants an alternative on total cost of ownership basis.
Good to see a nice-sized order in the quarter. I think you had been looking at about 20% growth for the year. Just curious, given all the developments around unmanned vehicles, if you think there w...
Show response
Greg raised Silvus 2026 revenue to $675M, up $75M from prior quarter. 2025 was more international vs North America driven by Ukraine, UK, and Germany. Adding engineers, salespeople, and improving coverage. Cultural integration going well.
Calendar 2025 Q3
SPX has been out for a little while. If you could just maybe give us a little sense on how that's doing
Show response
Jack confirmed SVX orders outpacing expectations with 70 police departments purchasing. Won a head-to-head competition resulting in both SVX and APX NEXT radio refresh. APX NEXT target raised to 300,000 devices by end of 2026. Mahesh added real-time translation and BRINC drone summoning via SVX integration.
can you just give us a sense of what you're seeing as the real puts and takes and what could keep this growth rate above where it had been historically
Show response
Greg gave preliminary 2026 revenue color of ~$12.6B. Cited strong Q2 and Q3 orders, expected double-digit Q4 orders, and record backlog. Government shutdown impact would be timing only, additive to 2026.
Calendar 2025 Q2
Could you guys talk a little bit about what you think that will do from a ramp -- revenue ramp perspective
Show response
Greg said SVX orders outpacing expectations. Selling an ecosystem not a product. FedRAMP certification in progress. Mahesh described SVX as a new category: body-worn assistant vs body-worn camera.
The hardware piece of that is still kind of flat to low single-digit type of growth
Show response
Jason noted software portion of video growing much faster than overall 10-12% category. Jack highlighted refreshed portfolio with Alta cloud leading, plus surgical international investments paying off.
CIENCiena Corporation7 questions · 4 reporting periods · 0 of 7 challenging
Calendar 2026 Q3
where are we in you know, in the demand profile and how quickly could we see the ramp of this product
Show response
Gary said Hyper-Rail reaches standardization by year-end with a 2027 ramp to several hundred million dollars, at margins accretive to the company.
If you could just talk a little bit about the durability of that business.
Show response
Gary expects steady service-provider growth from infrastructure underinvestment recovery plus MOFN activity, strong in North America, India and the Middle East.
Calendar 2026 Q2
Maybe just talk a little bit about how you see that backlog playing out over the next few years
Show response
Marc distinguished today's backlog from the COVID era (product going into the ground, not warehouses), and said Hyper-Rail will be a step-function margin elevation.
Calendar 2025 Q4
How do you look about sustainability of that business, you know, over the next few years on the telco specifically side?
Show response
Gary sees sustainable mid-single-digit telco growth driven by five years of transport underinvestment. MOFN adds hundreds of millions on top, now expanding into North America. Top three SP customers grew 16% YoY.
could you maybe talk a little bit about DCOM and see if you can, you know, somewhat scale that for us
Show response
Gary sized DCOM at hundreds of millions with Meta, now part of their standard architecture for new data centers. Engaged with two to three additional hyperscalers. Combined with Nubis and scale across, Ciena is firmly positioned inside data centers.
Calendar 2025 Q3
it sounded like hundreds of millions, maybe discuss a little bit the ramp of what you have in that one region
Show response
Gary detailed the ramp: small Q4 revenue, ramping Q1/Q2 FY2026, from just one region. Mark confirmed FY2026 gross margin guide of 43%+/-1 is inclusive of these large orders and their scale benefits.
talk a little bit about the breadth of customer base currently in that interconnect pluggable business. And to get to that level of doubling again next year
Show response
Scott confirmed multiple tens of interconnect customers, plug ports up 140% YoY. Confidence in doubling comes from existing backlog and order book, not speculative new wins.
HPEHewlett Packard Enterprise7 questions · 7 reporting periods · 1 of 7 challenging
Calendar 2026 Q3
I'm curious what you guys are hearing on the importance of having that customer silicon. Do you think that was important for the win?
Show response
Antonio said the Oracle win validates HPE's scalable, first-to-market portfolio (1.6-terabit air-cooled and direct-liquid-cooled switches) and that the Express custom routing silicon is a hard-to-replicate differentiator for scale-across as gigawatts of AI infrastructure get connected.
Calendar 2026 Q2
if you could just talk a little bit about kind of the, seeing the outside growth in server but not in storage.
Show response
Antonio explained total storage was up 2% but the go-forward Alletra MP platform is growing triple digits, with revenue partly deferred over time.
Calendar 2026 Q1
could you just talk a little bit about the offsets? Are we seeing anything different in win rates
Show response
Neri emphasized dual-platform strategy with Juniper Mist for cloud-connected and Aruba Central for on-prem/sovereign deployments. Highlighted Atletico Madrid venue win and Olympics deployment. WiFi 7 dual-boot infrastructure driving 10x access point growth. Sales force now unified and compensated on same portfolio.
Calendar 2025 Q4
Could you just talk a little bit about traction you're seeing with the as-a-service models more broadly
Show response
Neri detailed Juniper's contribution to ARR through Mist and Apstra software subscriptions. Highlighted Apstra-OpsRamp integration announced at Discover Barcelona. Described cross-pollination of Mist and Aruba Central as ARR growth catalyst.
Calendar 2025 Q2
can you just kind of run through the businesses and give us a little bit color on that? Pipeline, whether it's product driven or geographic
Show response
Neri gave detailed pipeline walkthrough across AI (enterprise 1/3 of orders), hybrid cloud (Alletra MP 75%+ order growth), networking recovery, and VM Essentials (1,000 customers). Called out Europe as particularly strong.
Calendar 2025 Q1
It it seems like that strategy has changed and now HPE is more willing to get into some of these lower margin businesses like the GV200 NPL72
Show response
Neri firmly denied strategy change, attributing margin issues to traditional server pricing/inventory missteps rather than AI deal margins. Took personal accountability for execution failure.
Calendar 2024 Q4
can you just clarify that de-book comment that came in? It sounds like $700 million de-book of backlog. Was that a competitive loss or someone had double ordered
Show response
Neri confirmed the de-book was risk-related, not competitive. On margins, Myers described the pricing framework but avoided disclosing specific thresholds. Two-part question partially addressed.
Show 9 more companies
JBLJabil5 questions · 3 reporting periods · 0 of 5 challenging
Calendar 2026 Q2
If you could just give us an update there kind of on both the power side and the more services side.
Show response
Mike said Hanley is higher margin, tracking better than anticipated on revenue, and adds a recurring services revenue stream.
Calendar 2025 Q4
Curious how you see Jabil participating, obviously, PPU gaining a lot of traction and announcements at least over the last few months
Show response
Jabil is chip-agnostic across custom and standard silicon. Custom chips complement rather than replace, all additive to demand. Position as infrastructure and integration provider insulates from chip-level competition.
I was hoping you could touch a little bit on that the larger hyperscale customer wasn't really excited as a part of the strength here
Show response
East Coast facility retrofitting for liquid cooling ahead of schedule, originally Q2-Q3, may complete earlier in Q3 providing upside. New business from other customers coming through different sites. Demand described as extremely strong.
Calendar 2025 Q2
Just give us a little update on you talked about some of the product breadth that you're seeing in that upside. Could you just maybe double click on that and also talk about kind of customer divers...
Show response
Server rack integration was the primary revenue driver, differentiated by design architecture and engineering collaboration that improves yield-to-launch. Capital equipment ATE cycle also strong. Liquid cooling and power management described as future growth drivers in early stages.
I was hoping you could update us on the transceiver business. Anything new on customer activity there
Show response
Transceiver business progressing from 200/400G to 800G with 1.6T capability showcased at OFC and well received. 1.6T uptick expected late calendar 2025 or early 2026. Design engineering team acquired from Intel driving differentiation.
PEverpure, Inc.5 questions · 5 reporting periods · 1 of 5 challenging
Calendar 2026 Q3
what are the kind of the dynamics there? Is this go-to-market? Is it better product availability?
Show response
Charlie attributed the international spike to long-term investment but cautioned it is lumpy and better measured annually than quarterly.
Calendar 2026 Q2
are you also changing on your side, the time line in terms of quotes you're giving to customers?
Show response
CEO said the usual 90-day price quote, standard for 15 years until February, has been cut to 30 days given the dynamic pricing; some competitors will not quote a firm price until the product ships, which Everpure will not do.
Calendar 2026 Q1
we're kind of seeing a deceleration on just the overall subscription services revenue number compared to the prior year.
Show response
CFO said subscription-revenue growth decelerated (22% to 15%) because customers are renewing Evergreen on longer-term contracts, which flows into RPO (up 40%) rather than near-term revenue; RPO is the truer momentum gauge.
Calendar 2025 Q1
how are you thinking about the potential for this happening again in the future
Show response
CEO said Pure's pricing and margins depend mainly on NAND prices, not HDD prices (HDD systems near a floor); once NAND reaches competitive price and margin, 'it's game over' for disk.
Calendar 2024 Q4
it seems like the mix might steadily be shifting to //E and FlashArray//C Series. Is that something that we would expect
Show response
CFO said the product gross-margin decline reflects strong growth of lower-margin //E and FlashArray//C with less price elasticity as cost-sensitive workloads move over.
DELLDell Technologies4 questions · 4 reporting periods · 0 of 4 challenging
Calendar 2026 Q2
with traditional server guided to 60% for the year and storage mid single digit
Show response
Kennedy reiterated that H2 ISG growth is supply-inhibited and that the Dell IP storage crossover supports a building growth trend.
Calendar 2026 Q1
as the business scales continually, it seems like you are maintaining that mid-single-digit operating margin, which is excellent. But as we see scale and all the diversification
Show response
Jeff confirmed mid-single-digit AI margins will continue. Highlighted enterprise growth to over 4,000 customers and inference driving more compute demand through token generation growth.
Calendar 2025 Q4
as you start to convert more of the Neo Cloud and sovereign and enterprise, to revenues, would you expect to change to that mid single digit operating margin?
Show response
David committed to mid-single-digit AI margins as consistent target with all deals accretive from a dollar perspective. Jeff highlighted consumer demand returned to growth for the first time in three years.
Calendar 2024 Q4
How should we think about the gross profit dollar move per server or the gross profit percentage?
Show response
Jeff confirmed rate remains dilutive but improving for three consecutive quarters. Attributed improvement to services, DFS, networking, and storage ecosystem around the node. Did not quantify dollar uplift.
ANETArista Networks3 questions · 3 reporting periods · 1 of 3 challenging
Calendar 2025 Q4
curious what you think as far as Arista's participation in more of these next-gen scale across networks
Show response
Jayshree described scale-across driven by distributed power and bandwidth needs, with 7800 spine as universal AI spine handling DCI routing, coherent optics, and virtual output queuing.
Calendar 2025 Q3
could you talk a little bit about kind of the economic model margins or anything like that, that we should expect as blue box
Show response
Jayshree cited a Neocloud converting from white box to hybrid blue box/EOS, with economics similar to titan business but margin pressure expected in scale-up volumes.
Calendar 2024 Q4
Obviously, one of them Meta looks like based on the numbers you gave, if I heard it right, is down year-over-year
Show response
Jayshree attributed Meta softness to lagged effect of 2023 CapEx reduction, expects both Microsoft and Meta to remain >10% customers in 2025.
FLEXFlex Ltd.3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2026 Q2
You mentioned kind of being able to bundle or a little bit more and have a full solution power cooling rack.
Show response
Revathi cited multiple unnamed hyperscalers and the NVIDIA modular platform announcement as evidence the integrated conversation is happening now.
Just give us a little bit of color on kind of visibility, sustainability of that strength.
Show response
Hartung tied advanced networking strength to data center pull-through and listed high-speed switches, optical switches and network interface cards as the breadth.
Calendar 2025 Q3
what's driving some of the second half over first half op margin improvements?
Show response
Kevin attributed back-half margin gains to growth in the higher-margin products and services businesses.
GLWCorning Inc.3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q4
when you think about the carrier business over the next few years, do you think that the cyclicality of the business has changed, and it's a little bit more secular?
Show response
Schlesinger confirmed Carrier grew 15% in 2025 with DCI as the largest driver. Fiber-to-the-home also expected to grow. Carrier growth factored into SpringBoard. Display: maintaining $900-950M net income target at 25% margin with hedges through 2030 at 120 yen. Will adjust price if yen weakens further.
Calendar 2024 Q4
the Enterprise piece of the business used to be about 50-50 Enterprise-data center. I'm assuming that's giving a lot more to the data center customers.
Show response
Schlesinger confirmed majority of Enterprise growth coming from GenAI data center space, indicating significant shift in mix toward hyperscale customers.
curious how you're thinking about cyclicality going forward. I'm sure the visibility into the next -- into 2025 is very solid. How far does the visibility extend for you?
Show response
Weeks acknowledged historical cyclicality but noted current growth is less Carrier-driven than past cycles. Promised more visibility detail including capacity reservations at March Investor event.
GRMNGarmin3 questions · 2 reporting periods · 0 of 3 challenging
Calendar 2025 Q3
there was a little bit of a downtick in the Americas business in the quarter. Could you just touch on what drove that
Show response
Cliff said Americas downtick is mostly FX-related, other regions benefited from weaker dollar. Also some product cycle timing. Pleased with all geographies overall.
could you just touch on kind of channel inventory, what you're seeing there
Show response
Cliff confirmed channel inventory is healthy and lean heading into Q4. Sell-out exceeding sell-in recently as retailers position for holiday season. Company inventory buildup for tariff mitigation is separate.
Calendar 2025 Q2
Any color you have on the strength there, how it's looking from kind of repeat users or new install base for Garmin Ltd.
Show response
Cliff confirmed all fitness categories strong, especially advanced wearables. New user growth exceeding repeat buyers. EMEA outperformance largely normalizes when adjusted for FX.
HPQHP Inc.2 questions · 2 reporting periods · 0 of 2 challenging
Calendar 2026 Q2
I wanted to ask a little bit on the move towards subscriptions in both print and PC
Show response
CFO highlighted All-In Plan subscription growth with plans to expand outside US next year. PS head noted Flex PC simplified financing model on consumer side.
Calendar 2025 Q2
can you just talk a little bit about kind of price elasticity and what you've seen in prior cycles
Show response
Enrique noted elasticity built into moderated H2 estimates. Print pricing has stabilized QoQ. Most print competitors announced price increases for tariff-related costs.
AXONAxon Enterprise Inc.1 question · 1 reporting period · 0 of 1 challenging
Calendar 2025 Q4
anything jump out that's different there relative to deals that are in more of the core, things like win rate, deal sizes, bundles, anything like that
Show response
Josh said state/local values premium products; price-only buyers go elsewhere but are increasingly rare. Internationally, more customers are valuing premium workflows and becoming Axon customers. On hardware innovation, Rick said next-gen TASER and sensors (led by ex-Apple hardware lead Rubén Caballero) are compelling, plus at least one new hardware category in the pipeline. Jeff added at least two new categories.
Challenge rate by company
Every company this analyst questioned, most questions first. A company-level rate is shown from 3 questions; below that it is withheld.
| Company | Questions | Challenge rate |
|---|---|---|
| FFIV F5, Inc. | 14 | 21%3 of 14 questions |
| KEYS Keysight Technologies | 12 | 0%none of 12 questions |
| NTAP NetApp | 12 | 8%1 of 12 questions |
| MSI Motorola Solutions | 10 | 20%2 of 10 questions |
| CIEN Ciena Corporation | 7 | 0%none of 7 questions |
| HPE Hewlett Packard Enterprise | 7 | 14%1 of 7 questions |
| JBL Jabil | 5 | 0%none of 5 questions |
| P Everpure, Inc. | 5 | 20%1 of 5 questions |
| DELL Dell Technologies | 4 | 0%none of 4 questions |
| ANET Arista Networks | 3 | 33%1 of 3 questions |
- FFIVF5, Inc. · 14 questions21%3 of 14 questions
- KEYSKeysight Technologies · 12 questions0%none of 12 questions
- NTAPNetApp · 12 questions8%1 of 12 questions
- MSIMotorola Solutions · 10 questions20%2 of 10 questions
- CIENCiena Corporation · 7 questions0%none of 7 questions
- HPEHewlett Packard Enterprise · 7 questions14%1 of 7 questions
- JBLJabil · 5 questions0%none of 5 questions
- PEverpure, Inc. · 5 questions20%1 of 5 questions
- DELLDell Technologies · 4 questions0%none of 4 questions
- ANETArista Networks · 3 questions33%1 of 3 questions
Activity by reporting period
Questions recorded for each calendar quarter that companies’ reporting periods map to (not the call date), with the challenge rate for that period. Periods inside the range with no questions are shown as “No questions recorded”.
| Calendar period | Questions | Challenge rate | Companies |
|---|---|---|---|
| 2024 Q4 | 12 | 17%2 of 12 questions | 8 |
| 2025 Q1 | 6 | 33%2 of 6 questions | 4 |
| 2025 Q2 | 13 | 8%1 of 13 questions | 8 |
| 2025 Q3 | 14 | 0%none of 14 questions | 8 |
| 2025 Q4 | 16 | 6%1 of 16 questions | 11 |
| 2026 Q1 | 10 | 30%3 of 10 questions | 7 |
| 2026 Q2 | 13 | 0%none of 13 questions | 10 |
| 2026 Q3 | 7 | 0%none of 7 questions | 5 |
- 2024 Q412 questions · challenge rate 17% (2 of 12 questions) · 8 companies
- 2025 Q16 questions · challenge rate 33% (2 of 6 questions) · 4 companies
- 2025 Q213 questions · challenge rate 8% (1 of 13 questions) · 8 companies
- 2025 Q314 questions · challenge rate 0% (none of 14 questions) · 8 companies
- 2025 Q416 questions · challenge rate 6% (1 of 16 questions) · 11 companies
- 2026 Q110 questions · challenge rate 30% (3 of 10 questions) · 7 companies
- 2026 Q213 questions · challenge rate 0% (none of 13 questions) · 10 companies
- 2026 Q37 questions · challenge rate 0% (none of 7 questions) · 5 companies
Topics
Topics tagged on this analyst’s questions.
- Demand36
- Revenue Growth33
- Cloud & AI31
- Competitive Dynamics19
- Margin15
- Innovation & R&D12
- Subscriber Growth10
- Product Launch8
- Supply Chain5
- Pricing5
Show all 20 topics
- M&A4
- Guidance Reliability4
- Geographic Expansion3
- Cost Pressure1
- Capex Investment1
- Fx1
- Inventory1
- Trade Tariffs1
- Regulation Policy1
- Credit1